A company issues bonds. Details below.
Face Value : 800,000
Term : 10 Years
Coupon Rate : 6%
Interest : Annual Payment
Yield : 9%
PV of $1 for 10 periods : 0.558 (@6%) 0.422 (@9%)
FV of $1 for 10 periods : 1.791(@6%) 2.367 (@9%)
PV of Ordinary Annuity of $1 for 10 periods : 7.360 (@ 6%) 6.418 (@9%)
What should be the issue price for each $1000 Bonds ?
A. $1,000, B. $864, C. $807, D. $700
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