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Problem 6 (20). A 15-year municipal bond was issued 5

Question : Problem 6 (20). A 15-year municipal bond was issued 5 : 4165

Problem 6 (20). A 15-year municipal bond was issued 5 years ago. Its coupon interest rate is 8%, interest payments are made semi-annually, and its face value is $1,000. If the current market interest rate is 12.36% what should the price of the bond be? Note: The issuer of the bond makes interest payments to the bond holder at the coupon rate as well as a final payment.

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