You purchase a bond with an invoice price of $993. The bond has a coupon rate...
You purchase a bond with an invoice price of $993. The bond has a coupon rate of 5.27 percent, it makes semiannual payments, and there are 5 months to the next coupon payment. The par value is $1,000. What is the clean price of the bond?
Homework Answers
Accrued Interest = Periodic Coupon Interest * [Time since last coupon payment / Total coupon period]
= [(5.27%/2) * $1,000] * [1/6] = $26.35 * 0.1667 = $4.39
Clean Price = Dirty Price - Accrued Interest
= $993 - $4.39 = $988.61
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