LBJ Enterprises is issuing new bonds for a capital budgeting project. The bonds will have...
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LBJ Enterprises is issuing new bonds for a capital budgeting project. The bonds will have 23.00 year maturities with a coupon rate of 7.20% APR with semi-annual coupon payments (assume a face value of $1,000 on the bond). The current market rate for similar bonds is 8.12% APR. The company hopes to raise $37.50 million with the new issue. Based on the current market rate, what will one of the new bonds sell for? Answer Format: Currency: Round to: 2 decimal places. Enter Answer Here
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