Renfro Rentals has issued bonds that have a 10% coupon rate, payable semiannually. The bonds mature in 12 years, have a face value of $1,000, and a yield to maturity of 8.5%. What is the price of the bonds? Round your answer to the nearest cent.

Intermediate Financial Management (MindTap Course List)
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Author:Eugene F. Brigham, Phillip R. Daves
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Chapter4: Bond Valuation
Section: Chapter Questions
Problem 7P: Bond Valuation with Semiannual Payments Renfro Rentals has issued bonds that have a 10% coupon rate,...
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Bond Valuation with Semiannual Payments

Renfro Rentals has issued bonds that have a 10% coupon rate, payable semiannually. The bonds mature in 12 years, have a face value of $1,000, and a yield to maturity of 8.5%. What is the price of the bonds? Round your answer to the nearest cent.

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