Grossnickle corporation issued 20-year noncallable 81, Financial Management

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Grossnickle corporation issued 20-year noncallable 81

Grossnickle Corporation issued 20-year, noncallable, 8.1% annual coupon bonds at their par value of $1,000 one year ago. Today, the market interest rate on these bonds is 5.5%. What is the current price of the bonds, given that they now have 19 years to maturity?

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Financial Management: Grossnickle corporation issued 20-year noncallable 81

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Financial Management: Grossnickle corporation issued 20-year noncallable 81

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