The 4.5 percent bond of JL Motors has a face value of $1,000, a maturity of 7 years, semiannual interest payments, and a yield to maturity of 6.23 percent. What is the current market price of the bond?
$945.08
$947.21
$903.05
$959.60
$912.40
1 | Face value (FV) | $ 1,000 |
2 | Coupon rate | 4.50% |
3 | Number of compounding periods per year | 2 |
4 = 1*2/3 | Interest per period (PMT) | $ 22.50 |
5 | Number of years to maturity | 7 |
6 = 3*5 | Number of compounding periods till maturity (NPER) | 14 |
7 | Market rate of return/Required rate of return | 6.23% |
8 = 7/3 | Market rate of return/Required rate of return per period (RATE) | 3.12% |
Bond price | PV(RATE,NPER,PMT,FV)*-1 | |
Bond price | $ 903.05 |
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