Compute the price of the bonds for the maturity dates

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Reference no: EM13951455

Essex Biochemical Co. has a $1,000 par value bond outstanding that pays 15 percent annual interest. The current yield to maturity on such bonds in the market is 17 percent. Use Appendix B and Appendix D for an approximate answer but calculate your final answer using the formula and financial calculator methods. Compute the price of the bonds for the maturity dates:

a. 30 years

b. 20 years

c. 4 years

Reference no: EM13951455

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