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QUESTION
On January 1, 2003, Buster Corporation issued 100 bonds with a par value of $ 1,000 each. The stated interest rate on the bond is 10% payable...
On January 1, 2003, Buster Corporation issued 100 bonds with a par value of $ 1,000 each. The stated interest rate on the bond is 10% payable annually on December 31 of each year. The market rate is 8%. The bonds will mature 4 years from the date of issue (December 31, 2006).Compute the issue price of the bonds on January 1, 2003.
