Solutions to Chapter 1

Using a financial calculator, compute the annual payment by entering: n = 9; PV = (()1065.15; FV = 1000; i = 7, compute PMT = $80.00. Since the annual payment is $80, the coupon rate is 8%. 18. a. The coupon rate must be 7% because the bonds were issued at face value with a yield to maturity of 7%. Now, the price is: b. ................
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