What is the price of a 19-year, 7.0% semi-annual coupon bond with $1,000 face value if the yield to maturity on similar bonds is 7.4%? Round to the nearest cent.
FV = 1000
Nper = 19 * 2 = 38
Rate = 7.4%/2 = 3.7%
Pmt = 1000 * 7%/2 = 35
Price can be calculated by using the following excel formula:
=PV(rate,nper,pmt,fv)
=PV(3.7%,38,-35,-1000)
= $959.54
Price = $959.54
What is the price of a 19-year, 7.0% semi-annual coupon bond with $1,000 face value if...
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