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A 5% semiannual coupon $100 bond maturing in 15 years is callable on any coupon date after the 10th. If called on the 11th through
A 5% semiannual coupon $100 bond maturing in 15 years is callable on any coupon date after the 10th. If called on the 11th through 20th coupon date, the redemption value would be $110. If callable on the 21st through 30th coupon date, redemption would be at par. Find the price that would ensure an investor a minimum yield of 3% per annum compounded semiannually
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