Question
A 15 year bond issue of 4,900,000 and bearing interest at 6% payable annually is sold to yield 5.85% compounded semi-annually. What is the issue
A 15 year bond issue of 4,900,000 and bearing interest at 6% payable annually is sold to yield 5.85% compounded semi-annually. What is the issue price of the bond?
(Round your answer to 2 decimal place. Do not round intermediate numbers).
Show all steps and calculations clearly.
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Intermediate accounting
Authors: J. David Spiceland, James Sepe, Mark Nelson
7th edition
978-0077647094
