Answered: Nesmith Corporation's outstanding bonds…

Nesmith Corporation's outstanding bonds have a $1,000 par value, a 7% semiannual coupon, 8 years to maturity, and a 9% YTM. What is the bond's price? Round your answer to the nearest cent.

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

Section: Chapter Questions

Problem 1PS

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Nesmith Corporation's outstanding bonds have a $1,000 par value, a 7% semiannual coupon, 8 years to maturity, and a 9 % YTM. What is the bond's price? Round your answer to the nearest cent.
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