Find the value of the bond using given information

Reference no: EM132048045

Question: Potter Industries has a bond issue outstanding with a 6% coupon rate with annual payments of $30, and a 10-year maturity. The par value of the bond is $1,000. If the going annual interest rate is 7.2%, what is the value of the bond? Round your answer to the nearest cent. Do not round intermediate calculations.

Reference no: EM132048045

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