Grossnickle corpnissued 20-year noncallable 75 annual, Financial Management

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Grossnickle corpnissued 20-year noncallable 75 annual

Grossnickle Corpnissued 20-year, noncallable, 7.5% annual coupon bonds at their par value of $1,000 one year ago. Today, the market interest rate on these bonds is 5.5%. What is the current price of the bonds, given that they now have 19 years to maturity?

A. $,113.48

B. $1,142.03

C. $1,171.32

D. $1,201.35

E. $1, 323.15

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Financial Management: Grossnickle corpnissued 20-year noncallable 75 annual

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