One of Jacinta's regular clients sends her an email accusing her of charging more money for a couch than it is really worth. The
1 answer:
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Answer: $86,235
Explanation:
Use Excel or a financial calculator to calculate the bond price.
As the interest is payable semiannually, the relevant variables are:
Coupon = 10% * 100,000 * 1/2 years = $5,000
Yield = 12% / 2 = 6%
Number of periods = 15 years * 2 = 30 semi annual periods
Bond price = $86,235
