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What should be the market price of the company bonds

Question:

A company's $500 million of 30-year bonds outstanding was issued at a coupon rate of 8%. On 5/1/03, two years after issuance, the market rate for bonds of similar characteristics falls to 5%. What should be the market price of the company's bonds on the bond market at 5/1/03?

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Finance Basics: What should be the market price of the company bonds

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