Reference no: EM132070329
CMS Corporation's balance sheet as of today is as follows:
Long-term debt (bonds, at par) $10,000,000
Preferred stock 2,000,000
Common stock ($10 par) 10,000,000
Retained earnings 4,000,000
Total debt and equity $26,000,000
The bonds have an 4.6% coupon rate, payable semiannually, and a par value of $1,000. They mature exactly 10 years from today. The yield to maturity is 12%, so the bonds now sell below par.
What is the current market value of the firm's debt?
a. $5,756,129
b. $5,756,973
c. $5,755,285
d. $5,754,441
e. $5,753,597
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