Find what price can the securities be purchased on market

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Problem 1: A major auto parts manufacturer has experienced a market re-evaluation lately owing to a number of lawsuits. The company has a bond issue outstanding with 15 years to maturity and a coupon rate of 8% paid semi-annually. The required rate has now risen to 16%. At what price can these securities be purchased on the market?

Reference no: EM132933467

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