Question
Union Local District has bonds outstanding with a coupon rate of 3.6 percent paid semiannually and 17 years to maturity. The yield to maturity on
Union Local District has bonds outstanding with a coupon rate of 3.6 percent paid semiannually and 17 years to maturity. The yield to maturity on these bonds is 2.3 percent and the bonds have a par value of $10,000.
What is the price of the bonds?
(Side note, can this be shown with the steps of a financial calculator as well? I got an answer in the hundreds..)
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Case Studies In Finance
Authors: Robert Bruner, Kenneth Eades, Michael Schill
6th Edition
0073382450, 978-0073382456
