A 20-year bond issue of 5,400,000 and bearing interest at 5.5% payable annually is sold to yield 6% compounded quarterly. What is the issue price of the bonds? The purchase price of the bond is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed)
A 20-year bond issue of 5,400,000 and bearing interest at 5.5% payable annually is sold to yield 6% compounded quarterly. What is the issue price of the bonds? The purchase price of the bond is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed)
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 11P
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