MM Motors, Inc. issued a bond 5 years ago.   It has a coupon of 10% and will mature in 20 years.  Interest rates have risen and the market rate for these bonds is now 12%.  What is the price of this bond?

Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
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MM Motors, Inc. issued a bond 5 years ago.   It has a coupon of 10% and will mature in 20 years.  Interest rates have risen and the market rate for these bonds is now 12%.  What is the price of this bond? 

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