Rhiannon Corporation has bonds on the market with 22.5 years to maturity, a YTM of 6.90 percent, and a current price of $1,057. The bonds make semiannual payments. What must the coupon rate be on these bonds? Coupon rate __ % Sol: (1) The price of any bond is the PV of the interest payment, plus the PV of the parvalue. Notice this problem assumes an annual coupon. The price of the bond will be: 1 P 0.063 1,000 1…
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