Devine Divots Issued a Bond a Few Years Ago That

question 75

Multiple Choice

Devine Divots issued a bond a few years ago that has a face value equal to $1,000 and pays investors $30 interest every six months.The bond has eight years remaining until maturity.If you require a 7 percent rate of return to invest in this bond, what is the maximum price you should be willing to pay to purchase the bond?

• A)$761.15
• B)$939.53
• C)$940.29
• D)$965.63
• E)$1,062.81

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