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Question 61 3 pts Madison Company has a $1000 par value bond outstanding paying an annual contract rate of 8% interest on a semi-annual basis.

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Question 61 3 pts Madison Company has a $1000 par value bond outstanding paying an annual contract rate of 8% interest on a semi-annual basis. The bond matures in 15 years. If the present yield to maturity on this bond is 7%, calculate the current price of the bond? Use TVM row on calculator and find PV. $1,091.96 $1,100.00 $950.00 $1,000.00

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