Question
Madsen Motors's bonds have 6 years remaining to maturity. Interest is paid annually; they have a $1,000 par value; the coupon interest rate is 10.5%;
Madsen Motors's bonds have 6 years remaining to maturity. Interest is paid annually; they have a $1,000 par value; the coupon interest rate is 10.5%; 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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Financial Management Core Concepts
Authors: Raymond M Brooks
3rd edition
133866696, 978-0133866698
