The Guilford Corporation has a bond outstanding with a face value of $1,000 that reaches maturity in ten years. The bond certificate indicates that the stated coupon rate for this bond is 8.0% and that the coupon payments are made semiannually. Assuming the appropriate yield to maturity (YTM) on the Guilford bond is currently 11.1%, then the current price of this bond is closest to
a.
$979
b.
$652
c.
$1,142
d.
$816
e.
$438
For this question,
M = $1000, n = 10 * 2 = 20 semi-annual periods, C = 8% * $1000/2 = $40 semi-annually, i = 11.1%/2 = 5.55% (semi-annually)
P = 476.04 + 339.50
P = $815.54
P = $816
The Guilford Corporation has a bond outstanding with a face value of $1,000 that reaches maturity in ten years. The bond...
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