Madsen Motors's bonds have 6 years remaining to maturity. Interest is paid annually; they have a $1,000 par value; the coupon interest rate is 7%; and the yield to maturity is 13%. What is the bond's current market price? Round your answer to the nearest cent.

EBK CONTEMPORARY FINANCIAL MANAGEMENT
14th Edition
ISBN:9781337514835
Author:MOYER
Publisher:MOYER
Chapter6: Fixed-income Securities: Characteristics And Valuation
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Madsen Motors's bonds have 6 years remaining to maturity. Interest is paid annually; they have a $1,000 par value; the coupon interest rate is 7%; and the yield to maturity is 13%. What is the bond's current market price? Round your answer to the nearest cent.

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