If the appropriate required rate of return for his bond

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Reference no: EM13895792

Ford Motor Co. has BB rated bonds outstanding that mature in 24 years, and have a 7.625% coupon rate. Coupon payments are made semi-annually.

If the appropriate required rate of return for his bond is 6.50, what is the value of the bond?

Express your answer to the nearest cent.

Reference no: EM13895792

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