Union Local School District has a bond outstanding with a coupon rate of 3.2 percent paid semiannually and 23 years to maturity. The yield to maturity on this bond is 2.6 percent, and the bond has a par value of $5,000. What is the price of the bond?
The price of the Bond
Variables |
Financial Calculator Keys |
Figures |
Par Value/Face Value of the Bond [$5,000] |
FV |
5,000 |
Coupon Amount [$5,000 x 3.20% x ½] |
PMT |
80 |
Market Interest Rate or Yield to maturity on the Bond [2.60% x ½] |
1/Y |
1.30 |
Maturity Period/Time to Maturity [23 Years x 2] |
N |
46 |
Bond Price |
PV |
? |
Here, we need to set the above key variables into the financial calculator to find out the Price of the Bond. After entering the above keys in the financial calculator, we get the Price of the Bond (PV) = $5,516.88.
“Hence, the price of the Bond will be $5,516.88”
Union Local School District has a bond outstanding with a coupon rate of 3.2 percent paid...
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please show work in excel formula, Thanks
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How to use excel function to solve this problem?
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