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Bond Valuation With Annual Paymentsjackson Corporation’S Bonds Have 5 Years Remaining To Maturity Interest

Question

Bond Valuation with Annual Payments

Jackson Corporation’s bonds have 5 years remaining to maturity. Interest

is paid annually, the bonds have a $1,000 par value, and the coupon interest rate is 10.5%. The bonds have a yield to maturity of 13%. What is the current market price of these bonds? Round your answer to the nearest cent.

Finance