MikeRock5789 MikeRock5789
  • 11-04-2024
  • Business
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A Del Monte bond with a face value of $1,000 has an annual coupon of 6.75%. The bond had an original 7-year tenor and 4 years remaining to maturity. If the market interest rate for similar high yield bonds is 5%, what is the price of the Del Monte bond, assuming interest is payable semi-annually? Round the answer to the nearest two decimals.

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