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A 20-year security has a price of $966.53. The security pays $50 at the end of each of the next 5 years, $100 at the
A 20-year security has a price of $966.53.
The security pays $50 at the end of each of the next 5 years, $100 at the end of years 6-10, and then it pays a different fixed cash flow amount at the end of each of the following 5 years (i.e., years 11-15).
Finally, in years 16-20 it again pays $100 per year at year end. Interest rates are 6.0%. What is the annual cash flow amount between years 11 and 15?
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