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PLEASE USE EXCEL FUNCTIONS ONLY 3. A bond with a face value of $100,000 and coupon interest paid semi-annually at an annual rate of 7.50%

PLEASE USE EXCEL FUNCTIONS ONLY

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3. A bond with a face value of $100,000 and coupon interest paid semi-annually at an annual rate of 7.50% per annum was issued on 8 May 2013 for 4 years. Similar bonds are now selling at a yield-to-maturity of 7.41% per annum. Based on the most recent and next coupon dates, work out the accrued interest on the settlement date (20-Jan-2015). Please use Actual/Actual as the interest rate basis and leave the Calc method as its default. (4 marks)

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