Question
A $23,000, 9.3% bond redeemable at par is purchased 11.5 years before maturity to yield 9.6% compounded semi-annually. If the bond interest is payable semi-annually,
A $23,000, 9.3% bond redeemable at par is purchased 11.5 years before maturity to yield 9.6% compounded semi-annually. If the bond interest is payable semi-annually, what is the purchase price of the bond?
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International Financial Management
Authors: Cheol Eun, Bruce Resnick
5thEdition
0073382345, 9780073382340
