what is the value of the bond.

EBK CONTEMPORARY FINANCIAL MANAGEMENT
14th Edition
ISBN:9781337514835
Author:MOYER
Publisher:MOYER
Chapter6: Fixed-income Securities: Characteristics And Valuation
Section: Chapter Questions
Problem 4P
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Ford Motor Co. has BB rated bonds outstanding that mature in 27 years, and have a 7.735% coupon rate. Coupon payments are made semi-annually. 

If the appropriate required rate of return for this bond is 9.25, what is the value of the bond. 

Express your answer to the nearest cent. 

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