bond pays $5000 in 25 years an earns an annual interest rate of 4.75%. What is the bond's price? Assume annual compounding. Round your answer to two decimal places. Do not include the dollar sign or negative sign (if applicable).

EBK CONTEMPORARY FINANCIAL MANAGEMENT
14th Edition
ISBN:9781337514835
Author:MOYER
Publisher:MOYER
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 11P
Question

bond pays $5000 in 25 years an earns an annual interest rate of 4.75%. What is the bond's price?

Assume annual compounding. Round your answer to two decimal places. Do not include the dollar sign or negative sign (if applicable). 

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