Question
An Eminence Water Utility Revenue Bond matures in fifteen years, pay a 5.5 percent coupon rate semiannually, and has a face value of $5, 000.
An Eminence Water Utility Revenue Bond matures in fifteen years, pay a 5.5 percent coupon rate semiannually, and has a face value of $5, 000. The market interest rate for similar risk and maturity municipal bonds is 4 percent. What percent. What is the current price of the bond? What would be its price if the market rate was 6 percent?
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School Finance A Policy Perspective
Authors: Allan Odden, Lawrence Picus
6th Edition
1259922316, 9781259922312
