Question
Madsen Motors's bonds have 25 years remaining to maturity. Interest is paid annually; they have a $1,000 par value; the coupon interest rate is 11.5%;
Madsen Motors's bonds have 25 years remaining to maturity. Interest is paid annually; they have a $1,000 par value; the coupon interest rate is 11.5%; 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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Financial Markets And Institutions
Authors: Jeff Madura
13th Edition
0357130790, 978-0357130797
