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asambeis [7]
3 years ago
13

The bond has a coupon rate of 6.11 percent, it makes semiannual payments, and there are 2 months to the next coupon payment. A c

lean price of $977 and the par value is $1,000. What is the invoice price?
Business
1 answer:
allsm [11]3 years ago
6 0

Answer:

$997.37

Explanation:

For computing the invoice price first we have to determine the accrued interest which is shown below:

Accrued interest is

= Par value × coupon rate × remaining months ÷ total months

= $1,000 × 6.11% × 4 months ÷ 12 months

= $20.37

Now

Invoice price is

= Clean price + Accrued interest

= $977 + $20.37

= $997.37

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