Question
Madsen Motors's bonds have 14 years remaining to maturity. Interest is paid annually; they have a $1,000 par value; the coupon interest rate is 11%;
Madsen Motors's bonds have 14 years remaining to maturity. Interest is paid annually; they have a $1,000 par value; the coupon interest rate is 11%; 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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Unlimited Business Financing
Authors: Trent Lee, Dr Chad Lee
1st Edition
1934275050, 9781934275054
