Explain valuation of bond using the given information

Reference no: EM1314437

Explain Valuation of bond using the given information

The Morrissey Company's bonds mature in 7 years, have a par value of $1,000, and make an annual coupon payment of $70. The market interest rate for the bonds is 8.5%. What is the bond's price?

Reference no: EM1314437

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