Nesmith Corporation's outstanding bonds have a $1,000 par value, an 11% semiannual coupon, 12 years to maturity, and an 8% YTM. What is the bond's price? Round your answer to the nearest cent.
M = $1000, n = 12 * 2 = 24 semi-annual periods, i = 8%/2 = 4% (semi-annual), C = 11% * $1000/2 = $55
P = $838.58 + $390.12
P = $1,228.7
Nesmith Corporation's outstanding bonds have a $1,000 par value, an 11% semiannual coupon, 12 years to...
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