Essentials Of Investments
11th Edition
ISBN: 9781260013924
Author: Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher: Mcgraw-hill Education,
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Rakesh
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Transcribed Image Text:Crane Products Ltd. issued $3.28 million of 5%, 5-year bonds on January 1, 2024. The bonds were dated January 1 and pay interest
annually. There is no collateral secured against the bonds and Crane Products may buy back the bonds at any time. The market
interest rate was 6% for these bonds. Crane has a calendar year end.
Click here to view the factor table. Present Value of 1
Click here to view the factor table. Present Value of an Annuity of 1
(b)
Your Answer
Correct Answer
Your answer is correct.
Calculate the price of the bonds. (For calculation purposes, use 5 decimal places as displayed in the factor table provided. Round answer
to 0 decimal places, e.g. 1,575.)
Price of the bonds $
D
3141839.84
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