Morin Company's bonds mature in 15 years, have a par value of $1,000, and have an...
Morin Company's bonds mature in 15 years, have a par value of $1,000, and have an annual coupon of 5.7 percent. The market requires an interest rate of 7.0 percent on these bonds. What is the bond's price?
Homework Answers
| Bond's price | = | =-pv(rate,nper,pmt,fv) | |||
| = | $ 881.60 | ||||
| Where, | |||||
| rate | 7.0% | ||||
| nper | 15 | ||||
| pmt | $ 57 | ||||
| fv | $ 1,000 | ||||
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