Morning star inc sold an issue of 30-year 1000 par value, Financial Management

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Morning star inc sold an issue of 30-year 1000 par value

Morning Star Inc. sold an issue of 30-year, $1,000 par value bonds to the public. The bonds has a 14.6% coupon rate and pays interest annually. It is now 7 years later. The current market rate of interest of the Morning Star INc. bonds is 11.7%. What is the current market price (intrinsic value) of the bonds? Round the answer to two decimal places

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Financial Management: Morning star inc sold an issue of 30-year 1000 par value

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