The market requires an interest rate
Question # 00767992
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Updated on: 06/26/2020 12:39 PM Due on: 06/30/2020
Morin Company's bonds mature in 8 years, have a par value of $1,000, and make an annual coupon interest payment of $65. The market requires an interest rate of 8.2% on these bonds. What is the bond's price?
a. $925.62
b. $903.04
c. $948.76
d. $972.48
e. $996.79
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