Determining the bond price-morrissey company
The Morrissey Company's bonds mature in 7 years, have a par value of $1,000, and make an annual coupon payment of $70. The market interest rate for the bonds is 8.5%. What is the bond's price?
a. $923.22
b. $946.30
c. $969.96
d. $994.21
e. $1,019.06
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