Bright sun inc sold an issue of 30-year 1000 par value, Financial Management

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Bright sun inc sold an issue of 30-year 1000 par value

Bright Sun, Inc. sold an issue of 30-year $1,000 par value bonds to the public. The bonds had a 11.14 percent coupon rate and paid interest annually. It is now 9 years later. The current market rate of interest on the Bright Sun bonds is 8.82 percent. What is the current market price (intrinsic value) of the bonds?

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Financial Management: Bright sun inc sold an issue of 30-year 1000 par value

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Financial Management: Bright sun inc sold an issue of 30-year 1000 par value

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