Kal Tech, a manufacturing company, needs to raise$2
Chapter , Problem 5-91(choose chapter or problem)
Kal Tech, a manufacturing company, needs to raise$2 million to finance an expansion project. Thebonds will have a coupon interest rate of 12%,payable quarterly, and 20 years to maturity. Whatwill the face value of the bonds have to be, ifthe bonds are to have an interest rate of 12% peryear, payable quarterly, and a maturity date of 20years? The current market interest rate is a nominalsemiannual rate of 16% compounded quarterly.
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