PMT = 1000*.09 = 90/2 = 45
Nper = 16*2 = 32
Rate = 9.86%/2 = 4.93%
FV =1000
PV =?
Price of Bond = PV(rate,per,pet,fv) = PV(4.93%,32,45,1000) = 931.48
Answer is 931.48
In mathematics, a rate is the ratio of two related quantities expressed in different units. If the denominator of a ratio is expressed as a single unit of one of these quantities, and that quantity is assumed to be systematically changing (that is, it is the independent variable), then the numerator of the ratio is the corresponding rate of change. represents Other (Dependent) Variables.
Rate is a special relationship in which the two terms have different units. For example, if a 12 oz can of corn costs 69 cents, the price is 69 cents for 12 oz. It is not a ratio of two equal units like this: B. Shirt. This is the ratio of his two unequal units, cents, and ounces.
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