Question
Madsen Motors's bonds have 21 years remaining to maturity. Interest is paid annually; they have a $1,000 par value; the coupon interest rate is 6.5%;
Madsen Motors's bonds have 21 years remaining to maturity. Interest is paid annually; they have a $1,000 par value; the coupon interest rate is 6.5%; and the yield to maturity is 10%. What is the bond's current market price? Round your answer to the nearest cent.
$
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Economics Of Money Banking And Financial Markets
Authors: Frederic Mishkin
10th Global Edition
0273765736, 978-0273765738
