(Answered) 9 years ago delicious mills inc issued 30-year to maturity

Management Studies

9 years ago, Delicious Mills, Inc. issued 30-year to maturity bonds that had a 7.34 percent annual coupon rate, paid semiannually. The bonds had a $1,000 face value. Since then, interest rates in general have changed and the yield to maturity on the Delicious Mills bonds is now 8.93 percent. Given this information, what is the price today for a Delicious Mills bond?

Round the answer to two decimal places.

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