Homework Answers
Semiannual interest to be paid = par value *coupon rate *n/12
= 1000 * 10% *6/12
= 50
Number of days in current coupon period (JAN 16- JULY 15)= 181 days
Number of days since last coupon (Jan 16 - April 15)= 90 days
Accrued interest = semiannual coupon * Number of days since last coupon/Number of days in current coupon period
= 50 *90 /181
= 24.86188
Invoice price = quoted price +accrued interest
= 1011.429 + 24.86188
= $ 1036.29
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