Question
Los Angeles issued a 30-year $60,000,000 education bond in 2006. Due to a longer maturity date the bond is issued with a high coupon rate
Los Angeles issued a 30-year $60,000,000 education bond in 2006. Due to a longer maturity date the bond is issued with a high coupon rate of 10% with payments made every six months. If the market rate was 8%, how much did the city receive when it issued the bond in 2006?
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International Financial Reporting A Practical Guide
Authors: Alan Melville
6th edition
1292200743, 1292200766, 9781292200767, 978-1292200743
