Bright sun inc sold an issue of 30-year 1000 par value, Financial Management

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Bright sun inc sold an issue of 30-year 1000 par value

Bright Sun, Inc. sold an issue of 30-year $1,000 par value bonds to the public. The bonds had a 12.68 percent coupon rate and paid interest annually. It is now 14 years later. The current market rate of interest on the Bright Sun bonds is 11.60 percent. What is the current market price (intrinsic value) of the bonds? Round the answer to two decimal places.

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Financial Management: Bright sun inc sold an issue of 30-year 1000 par value

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