Middlefield motors has issued bond

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Reference no: EM131491338

Middlefield Motors has issued a bond that has a face value of $1000, pays annual coupons, and just made a coupon payment. One year ago, the price of the bond was 1,000 dollars, its yield-to-maturity was 11.62 percent, and it had 17 years until maturity. Today, the bond has a yield-to-maturity of 10.33 percent. What is the price of the bond today?

Reference no: EM131491338

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