# Union Local School District has a bond outstanding with a coupon rate of 2.9 percent paid semiannually and 24 years to maturity. The yield to maturity on this bond is 3.4 percent, and the bond has a par value of \$10,000.  What is the price of the bond?

Question
Asked Oct 2, 2019
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 Union Local School District has a bond outstanding with a coupon rate of 2.9 percent paid semiannually and 24 years to maturity. The yield to maturity on this bond is 3.4 percent, and the bond has a par value of \$10,000. What is the price of the bond?
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## Expert Answer

Step 1

Calculation of Price of the Bond:

The price of the bond is \$9,184.18.

Excel Spreadsheet:

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