1. What is the purpose of a firm? As a manager, to what extent should I care about how much my actions are contributing to the welfare of others?
2. Bond valuation
Nesmith Corporation's outstanding bonds have a $1,000 par value, a 9% semiannual coupon, 10 years to maturity, and an 10.5% YTM. What is the bond's price? Round your answer to the nearest cent. ___________$