What is the current market value of the firms debt

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Kidder Corporation's balance sheet shows an historical book value for long-term debt (bonds, at par) of $23, 500,000. The bonds have an 6.4% coupon rate, payable semiannually, and a par value of $1,000.

They mature exactly 10 years from today. The yield to maturity is 9.50%, so the bonds now sell below par.

What is the current market value of the firm's debt? Your answer should be between 17, 746,000 and 20, 054,000, with no special characters.

Reference no: EM131966233

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