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Madsen Motors's bonds have 22 years remaining to maturity. Interest is paid annually, they have a $1,000 par value, the coupon interest rate is
Madsen Motors's bonds have 22 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 12%. What is the bond's current market price? Round your answer to the nearest cent.
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Corporate Finance A Focused Approach
Authors: Michael C. Ehrhardt, Eugene F. Brigham
4th Edition
1439078084, 978-1439078082
