The way we have define a bond as a long-term promissory note which pays periodical cash flows and at expiration the full-face value of the bond. to the buyer, needs a deeper examination. That investment being so defined suggests that given the bond is a long term investment we have to value the bond (Vb) at the required rate of return, which essentially the investors opportunity cost of investing. Thus , we have an assessed price and a market price and we must seek to reconcile or differentiate both, would you agree?