Compute the price of a 5.9 percent coupon bond with 15 years left to maturity and a market interest rate of 9.6 percent. (Assume interest payments are semiannual.) (Do not round intermediate calculations. Round your final answer to 2 decimal places.)
Is this a discount or premium bond?
Calculation of bond price:
The price of the bond is $709.01.
Assume the par value of the bond as $1,000.
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