Great Wall Pizzeria issued 9-year bonds one year ago at a coupon rate of 5.6 percent. If the YTM on these bonds is 8 percent, what is the current bond price? (Do not round intermediate calculations. Round your answer to 2 decimal places.)
Assuming the bond is an annual coupon bond.
M = $1000, n = 8, C = 5.6% * $1000 = $56 (annually), i = 8%
P = $321.81 + $540.27
P = $862.08
Great Wall Pizzeria issued 9-year bonds one year ago at a coupon rate of 5.6 percent....
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