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Describe bond values and why they fluctuate.

Describe bond values and why they fluctuate.

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Bond valuation is a procedure for determining the theoretical fair value of a particular bond. Bond valuation includes calculating the present value of a bond's future interest payments, also known as its cash flow, and the bond's value upon maturity, also known as its face value or par value.

If you buy $100 of a bond maturing in 2030, you will receive $100 upon maturity in 2030. Based on current market conditions, you may have paid a price of $105 or $97 for this bond.

Regardless of what you paid, the price of most bonds at maturity is par or $100. However, while you own the bond, the bond is going to fluctuate in value based on the current market conditions at any given time. If you hold onto the bond, you will get your $100 upon maturity, but along the way, the bond’s value is going to go up or down, a lot or a little. Eventually, as the bond nears maturity, it will get closer and closer to a price approaching $100. On the maturity date, the price will be exactly $100.

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