Compute the current bond price.
ANSWER MUST BE IN EXCEL FORMULA
Homework Answers
| Answer: $1,159.19 | |
| Calculation and explanation: | |
| Current price of a bond, is the sum of the PV of the maturity | |
| value of the bond and the PV of periodic interest payments | |
| when discounted at the YTM. | |
| Here, | |
| the maturity value is $1,000 receivable at EOY 13 and | |
| the 26 semi-annual interest payments of $34.5 [annuity]. | |
| The discount rate is 5.2% [Semi-annual interest rate = 2.6%]. | |
| Price of the bond = 1000/1.026^26+34.5*(1.026^^26-1)/(0.026*1.026^26) = | $ 1,159.19 |
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