You purchase a bond with an invoice price of $1,043. The bond has a coupon rate of 4.7 percent, semiannual coupons, a par value of $1,000, and there are 5 months to the next coupon date. What is the clean price of the bond? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

You purchase a bond with an invoice price of $1,043. The bond has a coupon rate of 4.7 percent, semiannual coupons, a par value of $1,000, and there are 5 months to the next coupon date. What is the clean price of the bond? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter6: Fixed-income Securities: Characteristics And Valuation

Section: Chapter Questions

Problem 4P

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