Question
A municipal bond with a coupon rate of 3.6 percent has a yield to maturity of 4.6 percent. Assume a face value of $5,000. If
| A municipal bond with a coupon rate of 3.6 percent has a yield to maturity of 4.6 percent. Assume a face value of $5,000. If the bond has 20 years to maturity, what is the price of the bond?(Do not round intermediate calculations. Round your answer to 2 decimal places. Omit the "$" sign in your response.) |
Price of the bond |
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Financial Institutions Management A Risk Management Approach
Authors: Anthony Saunders, Marcia Millon Cornett
9th edition
1259717771, 1259717772, 9781260048186, 1260048187, 978-1259717772
