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uranmaximum [27]
3 years ago
10

Layton Corp. has a $2,000 par value bond outstanding with a coupon rate of 4.6 percent paid semiannually and 13 years to maturit

y. The yield to maturity of the bond is 3.8 percent. What is the dollar price of the bond
Business
1 answer:
Leni [432]3 years ago
7 0

Answer:

Bond Price​= $2,162.94

Explanation:

Giving the following information:

Par value= $2,000

YTM= 0.038/2= 0.019

Coupon= (0.046/2)*2,000= $46

Years to maturity= 13*2= 26

<u>To calculate the price of the bond, we need to use the following formula:</u>

Bond Price​= cupon*{[1 - (1+i)^-n] / i} + [face value/(1+i)^n]

Bond Price​= 46*{[1 - (1.019^-26)] / 0.019} + [2,000 / (1.019^26)]

Bond Price​= 936.91 + 1,226.03

Bond Price​= $2,162.94

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