Beam Inc. bonds are trading today for a price of $1,299.78. The bond currently has 23...
Beam Inc. bonds are trading today for a price of $1,299.78. The bond currently has 23 years until maturity and has a yield to maturity of 6.87%. The bond pays annual coupons and the next coupon is due in one year. What is the coupon rate of the bond? (Round to one decimal place.)
Homework Answers
Using financial calculator to calculate the coupon rate
Inputs: N= 23
I/y= 6.87%
Pv= -1,299.78
Fv= 1,000
Pmt= compute
We get, pmt as $95
Coupon rate = coupon / par value × 100
= 95 / 1,000 × 100
= 95 / 10
= 9.5%
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