Q21

Morin Company's bonds mature in 8 years, have a par value of $1,000, and make an annual coupon interest payment of $65. The market requires an interest rate of 7.6% on these bonds. What is the bond's price? ( a) $1,151.05 ( b) $1,066.83 O c) $1,132.34 O d) $1,020.04 e) $935.82