Intermediate Financial Management (MindTap Course List)
13th Edition
ISBN: 9781337395083
Author: Eugene F. Brigham, Phillip R. Daves
Publisher: Cengage Learning
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Transcribed Image Text:A bond with a face value of $1,000 pays an annual
coupon of 6% and has 5 years to maturity. If the
current market interest rate is 4%, what is the
approximate price of the bond?
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