Callaghan motors bonds have 7 years remaining to maturity


Bond valuation

Callaghan Motors' bonds have 7 years remaining to maturity. Interest is paid annually, they have a $1,000 par value, the coupon interest rate is 9.5%, and the yield to maturity is 8%. What is the bond's current market price? Round your answer to the nearest cent.

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Financial Management: Callaghan motors bonds have 7 years remaining to maturity
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