First, you have to do problem 4-9 using a financial calculator

For example, to calculate value of bond if not called. Cell d65 = PV(d64/2,c20,-c23,-c22) Cell c23 and c22 is the par value and payment period, they have the opposite sign with the present value, that is why you have to put negative sign in front of them. Similarly, calculate the value of bond if called. ................
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