Corporate bonds make coupon payments semiannually

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Even though most corporate bonds in the United States make coupon payments semiannually, bonds issued elsewhere often have annual coupon payments. Suppose a German company issues a bond with a par value of €1,000, 25 years to maturity, and a coupon rate of 7.9 percent paid annually. If the yield to maturity is 9 percent, what is the current price of the bond? (Do not round intermediate calculations and round your final answer to 2 decimal places (e.g., 32.16).)

What is the Current price?

Reference no: EM131836761

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