Homework Answers
Information provided:
Par value= future value= $1,000
Time= 10 years
Yield to maturity= 8.7%
Coupon rate= 7.6%
Coupon payment= 0.076*1,000= $76
The price of the bond is calculated by computing the present value.
Enter the below in a financial calculator to compute the present value:
FV= 1,000
N= 10
I/Y= 8.7
PMT= 76
Press the CPT key and PV to compute the present value.
The value obtained is 928.46.
Therefore, the price of the bond is $928.46.
In case of any query, kindly comment on the solution.
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