Grohl Co. issued 9-year bonds a year ago at a coupon rate of 12 percent (APR). The bonds make semiannual payments. If the YTM on these bonds is 10 percent (APR), what is the current bond price?
Given,
Par value of a bond = $ 1000
Coupon rate = 12%
Years to maturity = 8 years
No. of semi annual payments (n) = 8 years x 2 = 16
Yield to maturity (YTM) = 10%
Solution :-
Grohl Co. issued 9-year bonds a year ago at a coupon rate of 12 percent (APR).
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