McLaughlin Enterprises has an outstanding $1,000 par value bond with a 11% coupon that pays at the end of each year.The bond matures in nine years.Bonds of similar risk have a required return of 10%.What is the market value of the McLaughlin bond?
A) $890.00
B) $1,053.35
C) $1,000.00
D) $1,057.59
Correct Answer:
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