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You bought a 30-year, 15% annual bond with a face value of $1,000 at issue. Immediately following the purchase, the bond's YTM changed to 12%
You bought a 30-year, 15% annual bond with a face value of $1,000 at issue. Immediately following the purchase, the bond's YTM changed to 12% and remained at this value indefinitely. Please, find the bond's interest-on-interest as of the end of year 10 (immediately after the 10th coupon payment). Use our standard assumption regarding the coupon reinvestment. Express your answer in dollars and cents but omit the $ sign.
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