what is the current bond price?

EBK CONTEMPORARY FINANCIAL MANAGEMENT
14th Edition
ISBN:9781337514835
Author:MOYER
Publisher:MOYER
Chapter6: Fixed-income Securities: Characteristics And Valuation
Section: Chapter Questions
Problem 16P
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Vulcan, Inc., has 8 percent coupon bonds on the market that have 8 years left to maturity. The bonds make annual payments and have a par value of $1,000.

 

If the YTM on these bonds is 10 percent, what is the current bond price(Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

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