The bonds have a 4 percent coupon rate payable semiannually


The bonds have a 4 percent coupon rate, payable semiannually, and a par value of $1,000. They mature on January 1, 2014. The yield to maturity is 10 percent, so the bonds now sell below par. What is the current market value of the firm's debt?

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Financial Management: The bonds have a 4 percent coupon rate payable semiannually
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