Question: Problem 8.26 a-b (Part Level Submission) (Solution Video) Pharoah Corp issued 10-year bonds four years ago with a coupon rate of 11.070 percent. At the

Problem 8.26 a-b (Part Level Submission) (Solution Video) Pharoah Corp issued

Problem 8.26 a-b (Part Level Submission) (Solution Video) Pharoah Corp issued 10-year bonds four years ago with a coupon rate of 11.070 percent. At the time of issue, the bonds sold at par. Today bonds of similar risk and maturity must pay an annual coupon of 5.97 percent to sell at par value. Assuming semiannual coupon payments. (a) (b) x Your answer is incorrect. Try again. What is the current market price of the firm's bonds? (Round answer to 2 decimal places, e.g. 15.25.) X Current market price 780.65 Click if you would like to Show Work for this question: Open Show Work

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