Question
Madsen Motors's bonds have 18 years remaining to maturity. Interest is paid annually; they have a $1,000 par value; the coupon interest rate is 9%;
Madsen Motors's bonds have 18 years remaining to maturity. Interest is paid annually; they have a $1,000 par value; the coupon interest rate is 9%; and the yield to maturity is 6%. What is the bond's current market price? Round your answer to the nearest cent.
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Entrepreneurial Finance
Authors: M. J. Alhabeeb
1st Edition
1118691512, 978-1118691519
