Madsen motorss bonds have 5 years remaining to maturity, Financial Management

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Madsen motorss bonds have 5 years remaining to maturity

Madsen Motors's bonds have 5 years remaining to maturity. Interest is paid annually; they have a $1,000 par value; the coupon interest rate is 8%; and the yield to maturity is 7%. What is the bond's current market price? Round your answer to the nearest cent.

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Financial Management: Madsen motorss bonds have 5 years remaining to maturity

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Financial Management: Madsen motorss bonds have 5 years remaining to maturity

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