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You purchase a $25,000 Spectra 14.625% bond maturing June 25, 2046. The bond is priced to yield 8.750% and settles May 10, 2017. Your first

You purchase a $25,000 Spectra 14.625% bond maturing June 25, 2046. The bond is priced to yield 8.750% and settles May 10, 2017.

Your first coupon payment of $

will be paid on (m/d/yyyy)

The present value of this payment on the settlement date is $

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