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 8.5%;
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 8.5%; and the yield to maturity is 13%. What is the bond's current market price? Round your answer to the nearest cent.
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Financial Management For Public, Health, And Not-for-Profit Organizations
Authors: Steven A. FinklerDaniel L. Smith, Thad D. Calabrese
6th Edition
978-1506396811, 150639681X
