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Kidder Corporation's balance sheet shows an Istorical book value for long-term debt bonds, at par) of $23.500.000. The bonds have an 6.4% coupon rate, payable

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Kidder Corporation's balance sheet shows an Istorical book value for long-term debt bonds, at par) of $23.500.000. The bonds have an 6.4% coupon rate, payable semiannually, and a par value of $1.000. They mature exactly 10 years from today. The yield to maturity is 9.85%, so the bonds now sell belowpar. What is the current market value of the firm's debt? Hint: Calculate the price of the bonds, and multiply by number of bonds (book value/1.000) to calculate market value

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