Answer:
$8,985.17
Explanation:
We assume that there are 365 days in a year and that 1.2% interest rate is the annual rate.
N = 15 years x 365 days/year = 5475
r = 1.2% / 365 = 0.0033%
PV = $7,500
FV = ? We have to calculate the Future value
FV = PV
FV = 7500 = $8,985.17
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Answer:
The market price if the bond has a par value of $2,000 is A. $1,790.11
Explanation:
The Market Price, PV of the Bond can be determined as follows :
PMT = $2,000 × 5.80% = - $116
P/yr = 1
YTM = 7 %
n = 14
Fv = - $2,000
Pv = ?
Using a financial calculator, the Market Price, PV is $1,790.1088 or $1,790.11.