22. A bond with 11% coupon rate, mature in 11 years has a value of $1,000. The market interest rate for the bonds is 14%. What is the bond's price?

Intermediate Financial Management (MindTap Course List)
13th Edition
ISBN:9781337395083
Author:Eugene F. Brigham, Phillip R. Daves
Publisher:Eugene F. Brigham, Phillip R. Daves
Chapter4: Bond Valuation
Section: Chapter Questions
Problem 4MC
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22. A bond with 11% coupon rate, mature in 11 years has a value of $1,000. The market interest rate for the bonds is 14%. What is the bond's price?

 
 
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