A $1,000 face value, 240-day bond is quoted at a bank discount yield of 3.3 percent. What is the current bond price? Multiple Choice $957.60 $960.09 $978.00 $982.02 $988.73
Bank Discount Yield (BDY) = (Face Value-Issue Price)/Face Value *360/t
.033 = (1000-P)/1000 * 360/240
(1000-P)/1000 = .033*240/360
= 0.022
1000-P = 0.022*1000
= 22
P = 1000-22
= $978.00
A $1,000 face value, 240-day bond is quoted at a bank discount yield of 3.3 percent....
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