Homework Answers
Answer is $1,067.50
Face Value = $1,000
Asked Price = 106% * Face Value
Asked Price = 106% * $1,000
Asked Price = $1,060
Annual Coupon Rate = 9%
Interest for 1 month is accrued.
Accrued Interest = Face Value * Annual Coupon Rate * Time
Period
Accrued Interest = $1,000 * 9% * (1/12)
Accrued Interest = $7.50
Full Price = Asked Price + Accrued Interest
Full Price = $1,060 + $7.50
Full Price = $1,067.50
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