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IrinaVladis [17]
3 years ago
12

Union local school district has a bond outstanding with a coupon rate of 3.3 percent paid semiannually and 20 years to maturity.

The yield to maturity on this bond is 3.7 percent, and the bond has a par value of 10000. What is the price of the bonds?

Business
1 answer:
topjm [15]3 years ago
8 0

Answer:

$9,438.22

Explanation:

For computing the price of the bond we need to apply the present value formula i.e be to shown in the attachment below:

Given that,  

Future value = $10,000

Rate of interest = 3.7%  ÷ 2 = 1.85%

NPER = 20 years  × 2 = 40 years

PMT = $10,000 × 3.3% ÷ 2 = $165

The formula is shown below:

= -PV(Rate;NPER;PMT;FV;type)

So, after applying the above formula, the price of the bond is $9,438.22

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Answer:

E)

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The following selected transactions were completed by Fasteners Inc. Co., a supplier of buttons and zippers for clothing:
Reil [10]

Answer:

20Y3

Nov. 21 :

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Credit Interest receivable $161.33

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Jan. 20:

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