Question: IN are the m e ans e 03 AB Pharoah, Inc., has a bond issue maturing in seven years that is paying a coupon rate

IN are the m e ans e 03 AB Pharoah, Inc., has a bond issue maturing in seven years that is paying a coupon rate of 11.0 percent (semiannual payments). Management wants to retire a portion of the issue by buying the securities in the open market. If it can refinance at 9.5 percent, how much will Pharoah pay to buy back its current outstanding bonds? (Round answer to 2 decimal places, e.g. 15.25.)

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