Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Transcribed Image Text:Union Local School District has bonds outstanding with a coupon rate
9. Valuing Bonds
of 2.9 percent paid semiannually and 12 years to maturity. The yield to maturity on
these bonds is 3.4 percent and the bonds have a par value of $5,000. What is the dollar
price of each bond?
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