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Home Q & A Board Science-Related Homework Help Mathematics
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gewusel gewusel
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6 years ago
A $100 000, 8.75% bond with interest payable annually is redeemable at 103 in four years. What is the purchase price to yield 7% compounded quarterly?
Textbook 
Contemporary Business Mathematics with Canadian Applications

Contemporary Business Mathematics with Canadian Applications


Edition: 11th
Authors:
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#1
6 years ago
FV = $100 000; P/Y = 1; C/Y = 4; PMT = 100000(0.0875/1) = $8750.00; c =   = 4; n = 4(1) = 4.
p =  - 1 = 0.071859031
PP = 103000.00(1.071859031)-4 + 8750
   = 103000.00(.7576164) + 8750.00(3.373044266)
   = 78034.49 + 29514.14 = $107 548.63
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