Ryngaert Inc.recently issued noncallable bonds that mature in 15 years.They have a par value of $1,000 and an annual coupon of 5.7%.If the current market interest rate is 7.7%,at what price should the bonds sell?
A) $924.70
B) $652.25
C) $1,015.52
D) $891.68
E) $825.63
Correct Answer:
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