Jackson Corporation’s bonds have 12 years remaining to maturity. Interest is paid annually, the bonds have a $1,000 par value, and the coupon interest rate is 8%. The bonds have a yield to maturity of 9%. What is the current market price of these bonds?
|Years to Maturity||12|
|Going rate, rd||9%|
|Value of bond =||$928.39|
Current market price of these bonds = $ 928.39