Question
Madsen Motors's bonds have 8 years remaining to maturity. Interest is paid annually; they have a $1,000 par value; the coupon interest rate is 12%;
Madsen Motors's bonds have 8 years remaining to maturity. Interest is paid annually; they have a $1,000 par value; the coupon interest rate is 12%; 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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Focus On Personal Finance
Authors: Jack Kapoor, Les Dlabay, Robert J. Hughes, Melissa Hart
7th Edition
1265521972, 978-1265521974
