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xxTIMURxx [149]
3 years ago
11

Within Year, Inc. has bonds outstanding with a $1,000 par value and a maturity of 39 years. The bonds have an annual coupon rate

of 8.0% with semi-annual coupon payments. You would expect a quoted annual return of 9.0% if you purchased these bonds. What are the bonds worth to you
Business
1 answer:
nata0808 [166]3 years ago
3 0

Answer:

$892.48

Explanation:

Time = 39 years*2 = 78 periods

Coupon rate = 8%/2 = 4%

Coupon payment = 0.04*1,000 = $40

Annual return = 9%/2 = 4.5%

FV= 1,000, PMT= 40, N= 78, I/Y= 4.5

Worth of bond = PV(Fv, Pmt, N, I/Y)

Worth of bond = PV(1000, 40, 78, 4.5%)

Worth of bond = $892.48

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A variant of fiscal-year budgeting whereby a 12-month projection into the future is maintained at all times is termed Continuous budgeting.

<h3>What is Continuous Budgeting?</h3>
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4 years ago
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