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You are considering the purchase of a perpetual bond that pays you $155 per year for the foreseeable future. If you require a 4.24% rate

You are considering the purchase of a perpetual bond that pays you

$155

per year for the foreseeable future. If you require a

4.24%

rate of return on this bond investment, what is a fair price for the bond that you would be willing to pay today?\ To nearest

$0.01
image text in transcribed
You are considering the purchase of a perpetual bond that pays you $155 per year for the foreseeable future. If you require a 4.24% rate of return on this bond investment, what is a fair price for the bond that you would be willing to pay today? To nearest $0.01

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