Kasey Corp. has a bond outstanding with a coupon rate of 5.6 percent and semiannual payments. The bond has a yield to maturity of 6.1 percent, a par value of $1,000, and matures in 15 years. What is the quoted price of the bond?

1,496.60

191.59

194.86

1,913.36

149.66

***UPDATE***

Kasey Corp. has a bond outstanding with a coupon rate of 5.6 percent and semiannual payments. The bond has a yield to maturity of 6.1 percent, a par value of $1,000, and matures in 15 years. What is the quoted price of the bond?

1,496.60

191.59

194.86

1,913.36

149.66

PV = $56{[1 (1/1.0305³⁰)]/.0305} + $1,000/1.0305³⁰ PV = $1,496.60 Quoted price = $1,496.60/10 = 149.66

Enter

15 2

6.1%/2

$56

$1,000

N

I/Y

PV

PMT

FV

Solve for

$1,496.60

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