Problem
A 10-year, 9% bond, issued by Cheap Motors Manufacturing on January 1, 2000, matures on December 31, 2009. If investors require a 12% return, how much should they be willing to pay on January 1, 2004? (Face value of the bond is $10,000, and interest is paid annually.)
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.