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# a debenture pays half yearly interest rate of 6% per anum and

has 4 years to run...
a debenture pays half yearly interest rate of 6% per anum and has 4 years to run to maturity. find its price (per \$100 face value to yield 8%pa covertible half yearly. give your answers in dollars and cents to 2 decimal places.
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10/24/2009
Linda_us, Finance, Accounts & Homework Tutor
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Hi Nathabhooton

The bond price would be equal to \$93.27.

Regards

LInda
Customer reply replied 8 years ago
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Linda_us, Finance, Accounts & Homework Tutor
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FORMATING IT AGAIN

Value of the Bond is calculated as sum of PV of interest & principal to be received.

Since it pay half yearly interest so interest amount = (100*6%)/2 = \$3
Also we have to use half yearly yield which is 8/2=4%

Bond Value = 3/(1.04) + 3/(1.04)^2 +3/(1.04)^3 +3/(1.04)^4 +3/(1.04)^5 +3/(1.04)^6 +3/(1.04)^7 +3/(1.04)^8 +100/(1.04)^8 = 93.27

This is also show in attached excel sheet in the above solution.

Regards Linda
Linda_us, Finance, Accounts & Homework Tutor
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