Question
Madsen Motors's bonds have 12 years remaining to maturity. Interest is paid annually; they have a $1,000 par value; the coupon interest rate is 8.5%;
Madsen Motors's bonds have 12 years remaining to maturity. Interest is paid annually; they have a $1,000 par value; the coupon interest rate is 8.5%; and the yield to maturity is 9%. What is the bond's current market price? Round your answer to the nearest cent.
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Financial Markets and Institutions
Authors: Frederic S. Mishkin, Stanley G. Eakins
5th edition
321280299, 321280296, 978-0321280299
