Kasey Corp. has a bond outstanding with a coupon rate of 5.9 percent and semiannual payments. The bond has a yield to maturity of 6.3 percent, a par value of $2,000, and matures in 16 years. What is the quoted price of the bond?
Price of bond is the present value of cash flows from bond which is calculated as follows: | |||||
Price of bond | = | =-pv(rate,nper,pmt,fv) | |||
= | $ 1,920.08 | ||||
Where, | |||||
rate | = | 6.3%/2 | = | 0.0315 | |
nper | = | 16*2 | = | 32 | |
pmt | = | 2000*5.9%*6/12 | = | $ 59 | |
fv | = | $ 2,000 |
Kasey Corp. has a bond outstanding with a coupon rate of 5.9 percent and semiannual payments....
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