Silver dart lodge inc sold an issue of 25-year 1000 par, Financial Management

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Silver dart lodge inc sold an issue of 25-year 1000 par

Silver Dart Lodge Inc. sold an issue of 25-year, $1,000 par value bonds to the public. The bonds has a 7.25% coupon rate and pays interest annually. The current market rate of interest on the Silver Dart Inc. bonds is 6.5%. What is the current market price of the bonds? Round the answer to two decimal places.

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Financial Management: Silver dart lodge inc sold an issue of 25-year 1000 par

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Financial Management: Silver dart lodge inc sold an issue of 25-year 1000 par

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