Question #5988742
Calculate the market value of Melissa's bonds on?
On April 15, 2011, Melissa purchased $30,000 of Verbecke Co.'s 12%, 20-year bonds at face amount. Verbecke Co. has paid interest due on the bonds regularly. On April 15, 2015, market interest rates had risen to 14% and Melissa is considering selling the bonds. Using the present value tables in Chapter 6 of the textbook, calculate the market value of Melissa's bonds on April 15, 2015.
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