A bond with a coupon rate of 10% makes semiannual coupon payments on March 15 and September 15 of each year. The coupon period has 182 days. Suppose that you paid a total of $1,012 to buy the bond on April 15. What is the quoted price of the bond? What is the accrued interest? (Face value = $1,000)
Quoted price of bond is calculated as
1000 + Coupon Rate payable on March 15 = 1000 + 1000 * 10% * 31/182 = 1000 + 17.03 = $ 1,017.03
The accrued interest on the bonds will be the balance interest...
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