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Renfro Rentals has issued bonds that have a 8% coupon rate, payable semiannually. The bonds mature...

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Finance

Renfro Rentals has issued bonds that have a 8% coupon rate,payable semiannually. The bonds mature in 9 years, have a facevalue of $1,000, and a yield to maturity of 7.5%. What is the priceof the bonds? Round your answer to the nearest cent.

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Transcribed Image Text

Renfro Rentals has issued bonds that have a 8% coupon rate,payable semiannually. The bonds mature in 9 years, have a facevalue of $1,000, and a yield to maturity of 7.5%. What is the priceof the bonds? Round your answer to the nearest cent.

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