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This morning, Mary bought a ten-year, $1000 par value bond with a 9.0% coupon rate and semi-annual payments. She paid $1104 for the bond. If
This morning, Mary bought a ten-year, $1000 par value bond with a 9.0% coupon rate and semi-annual payments. She paid $1104 for the bond. If the yield to maturity on this type of bond suddenly decreases to 6.5%, how much will Mary receive for her first coupon payment?
a. $32.50
b. $35.00
c. $45.00
d. $69.58
e. $90.00
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