Problem:
A corporate bond is quoted at a current price of 102.767.
Required:
Question: What is the market price of a bond with a $1,000 face value?
Select one:
a. $1,000.28
b. $1,002.77
c. $1,027.67
d. $1,102.77
e. $1,276.70
Note: Provide support for rationale.