Essentials Of Investments
11th Edition
ISBN: 9781260013924
Author: Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher: Mcgraw-hill Education,
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Transcribed Image Text:Madsen Motors's bonds have 9 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 5%. What is the bond's current market price? Round your answer to the nearest cent.
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