## Question

###### Maggie is considering purchasing a 20-year bond that is selling for $983. The bond can be called in 4 years at 103....

Maggie is considering purchasing a 20-year bond that is selling for $983. The bond can be called in 4 years at 103. What is the YTC for this bond if it has a 4% coupon, paid semiannually? a. 5.18% b. 5.16% C. 4.99% d. 4.13%

## Answers

F24 fx =RATE(F14, F16,-F20, F22) F G Semi Annually: COUPON RATE 4.00% YEARS TO CALL NPER 8 (years to call x 2) PMT 20 (face value x coupon rate)/2 FACE VALUE $1,000.00 PRICE = PV = $ 983.00 22 FUTURE VALUE=FV $1,030.00 1000*103% RATE = 2.58% RATE(8,20,-983,1030) 25 5.16% RATE(8,20,-983,1030)*2 26 YIELD = RATE X2 = 27 RATE(NPER, PMT-PV,FV) 28 29 ANSWER-B 20

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