​(Bond valuation)  Calculate the value of a bond that matures in 13 years and has a $1,000 par value. The annual coupon interest rate is 13 percent and the​ market's required yield to maturity on a​ comparable-risk bond is 15 percent.   The value of the bond is​$_________. ​ (Round to the nearest​ cent.)

Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
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 ​(Bond valuation)  Calculate the value of a bond that matures in

13

years and has a

$1,000

par value. The annual coupon interest rate is

13

percent and the​ market's required yield to maturity on a​ comparable-risk bond is

15

percent.

 

The value of the bond is​$_________.

​ (Round to the nearest​ cent.)

 

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