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Suppose you structured a bond deal for Kanye West that paid him $20 million upfront, with future royalties and streaming revenues from his past albums
Suppose you structured a bond deal for Kanye West that paid him $20 million upfront, with future royalties and streaming revenues from his past albums going towards payments to bondholders. Each bond had a face value of $1,000 and a coupon rate of 7.9% with semi-annual coupons. If the bonds have 9 years remaining until maturity and the current yield to maturity is 9.9%, what price is each bond trading at right now? Round to the nearest cent. --> show how to do this by hand please!!
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