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Pharoah Corp. has 18 -year bonds outstanding. These bonds, which pay interest semiannually, have a coupon rate of 10.785 percent and a yield to maturity

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Pharoah Corp. has 18 -year bonds outstanding. These bonds, which pay interest semiannually, have a coupon rate of 10.785 percent and a yield to maturity of 9.2 percent. Assume face value is $1,000. Problem 8.30(a) Compute the current price of these bonds. (Round answer to 2 decimal places, eg. 15.25.) Current price

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