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The bonds have a 940 percent coupon rate and pay interest

Finance: Value of the Bond annually

Question

Fresh Water, Inc. sold an issue of 21-year $1,000 par value bonds to the public. The bonds have a 9.40 percent coupon rate and pay interest annually. The current market rate of interest on the Fresh Water, Inc. bonds is 9.58 percent. What is the current market price of the bonds?

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Finance Basics: The bonds have a 940 percent coupon rate and pay interest

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Finance Basics: The bonds have a 940 percent coupon rate and pay interest

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