Walther PPK: George Lazenby's bonds mature in nine years, offer an annual seven percent coupon rate, make semiannual payments, and have a yield to maturity of eight peprcent. What is the market value per bond considering the face value is $1,000

The answer is $936.70

Explanation:

This is a semiannual paying coupon.

N(Number of periods) = 18 years ( 9years x 2)

I/Y(Yield to maturity) = 4percent( 8 percent ÷ 2)

PV(present value or market price) = ?

PMT( coupon payment) = $35 ( [7 percent÷ 2] x $1,000)

FV( Future value or par value) = $1,000.

We are using a Financial calculator for this.

N= 18; I/Y = 4; PMT = 35; FV= $1,000; CPT PV= -936.79

Therefore, the market price of the bond is $936.70

the correct answer is:

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