Market rate of interest, Shriver Corp. purchased 5?, $1,000

Market rate of interest

Reference no: EM131811910

Shriver Corp. purchased 5?, $1,000 , 7% bonds of eagle corporation when the market rate of interest was 10%. interest is paid semiannually on the bonds, and the bonds will mature in nine years. Using the PV function in Excel®?, compute the price Shriver paid? (the present? value) on the bond investment.? (Assume that all payments of interest and principal occur at the end of the period. Round your answer to the nearest? cent.)

Reference no: EM131811910

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