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Assume that you wish to buy a bond with 22 years to maturity, with a par value of $1,000, and a coupon rate of
Assume that you wish to buy a bond with 22 years to maturity, with a par value of $1,000, and a coupon rate of 20.75%. Assume semi-annual payments. If the yield to maturity (YTM) is 24.73%, what is today's price of this bond? Note: Enter your answer rounded off to two decimal points. Do not enter $ or comma in the answer box. Remember to enter your answer as a positive number in the answer box.
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Basic Finance An Introduction to Financial Institutions Investments and Management
Authors: Herbert B. Mayo
10th edition
1111820635, 978-1111820633
