The bonds pay 675 interest compounded semiannually todays


A shipping company sold an issue of 14-year $1,000 par bonds to build new ships. The bonds pay 6.75% interest, compounded semiannually. Today's required rate of return is 8.7%. How much should these bonds sell for today? Round to two decimal places.

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Finance Basics: The bonds pay 675 interest compounded semiannually todays
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