(Answered) Pet food company bonds pay an annual coupon rate of 1059

Management Studies

Pet Food Company bonds pay an annual coupon rate of 10.59 percent. Coupon payments are paid semiannually. Bonds have 24 years to maturity and par value of $1,000. Compute the value of Pet Food Company bonds if the market interest rate on this type of bond is 8.42 percent.

Round the answer to two decimal places.

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