Pullman corp issued 10-year bonds four years ago with a, Ask an Expert

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Pullman Corp issued 10-year bonds four years ago with a coupon rate of 9.16 percent. At the time of issue, the bonds sold at par. Today bonds of similar risk and maturity must pay an annual coupon of 5.60 percent to sell at par value. Assuming semi annual coupon payments, what will be the current market price of the firm’s bonds? (Round intermediate calculations to 4 decimal places, e.g. 1.2514 and final answer to 2 decimal places, e.g. 15.25.)

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