Question
A government issues $6000000 of serial bonds paying interest at j12 = 9%, of which $1000000 is redeemed in 15 years, $1500000 is redeemed in
A government issues $6000000 of serial bonds paying interest at j12 = 9%, of which $1000000 is redeemed in 15 years, $1500000 is redeemed in 20 years and $3500000 is redeemed in 30 years. Determine the purchase price on the day that the bonds were issued, in order for investors to receive a yield of j12 = 7%.
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Good Better Best A Guidebook For Performance Auditing
Authors: Gary Blackmer
1st Edition
131265869X, 978-1312658691
