What was the price of the bonds

Reference no: EM131926610

Question: The Pennington Corporation issued new series of bonds on January 1, 2005. The bonds were sold at par ($1,000). It had a 12% coupon with annual payment and matured in 30 years, on December 31, 2034. What was the price of the bonds on January 1, 2009, assuming that interest rates had fallen to 10%?

Reference no: EM131926610

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