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The long-term bonds of Topstone Industries pay semiannual coupons, have a face value of $1,000, a 10% coupon rate, and mature in 20 years and
The long-term bonds of Topstone Industries pay semiannual coupons, have a face value of $1,000, a 10% coupon rate, and mature in 20 years and 3 months. The first coupon will be paid in 3 months and all subsequent coupons will be paid at 6 month intervals. Find the bond price if the yield to maturity is 8.6%
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