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Ruby Tuesday's just issued a bond with a $1,000 face value and a coupon rate of 8%. If the bond has a life of 20
Ruby Tuesday's just issued a bond with a $1,000 face value and a coupon rate of 8%. If the bond has a life of 20 years, pays annual coupons, and the yield to maturity is 7%, what price will the bond sell for?
A.1306
B.906
C.1000
D.1106
If you could put it in financial calculator steps it would be appreciated.
n=20
i/y=.07
pmt=80
FV=1000
I keep getting -2574.40
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