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It is 9 January 2013. The yield on a Treasury bond with a 12% coupon that matures in 12 October 2020 is quoted as 5.04%.

It is 9 January 2013. The yield on a Treasury bond with a 12% coupon that matures in 12 October 2020 is quoted as 5.04%. Assume a face value of $100,000. What is the cash price? (Hint: There are 93 days until the next coupon payment on 12 April 2013 which will occur 182 days after the last payment).

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