Wildhorse Corporation issues $450,000 of 8% bonds, due in 9 years, with interest payable semiannually. At...
Wildhorse Corporation issues $450,000 of 8% bonds, due in 9
years, with interest payable semiannually. At the time of issue,
the market rate for such bonds is 10%.
Compute the issue price of the bonds. (Round present
value factor calculations to 5 decimal places, e.g. 1.25124 and the
final answer to 0 decimal places e.g.
58,971.)
Homework Answers
Face value of bonds = $450,000
Annual coupon rate = 8%
Semiannual coupon rate = 4%
Semiannual coupon = 4% * $450,000
Semiannual coupon = $18,000
Time to maturity = 9 years
Semiannual period = 18
Annual interest rate = 10%
Semiannual interest rate = 5%
Issue price of bonds = $18,000 * PVA of $1 (5%, 18) + $450,000 *
PV of $1 (5%, 18)
Issue price of bonds = $18,000 * 11.68959 + $450,000 *
0.41552
Issue price of bonds = $397,397
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