Madsen Motors’S Bonds Have 23 Year Remaining To Maturity Interest Is Paid Annually They Have A $1 000 Par Value

Question

Madsen Motors’s bonds have 23 year remaining to maturity. Interest is paid annually, they have a $1,000 par value,

the coupon interest rate is 9%, and the yield to maturity is 11%. What is the bond’s current market price?

Finance