The 4.5 percent bond of JL Motors has a face value of $1,000, a maturity of 7 years, semiannual interest payments, and a yield to maturity of 6.23 percent. What is the current market price of the bond?
A. $945.08
B. $947.21
C. $903.05
D. $959.60
E. $912.40
Ans: C. $903.05
Business
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