Tapper Inc. has two $1 000 par value bonds outsta
Tapper, Inc. has two $1,000 par value bonds outstanding that both sell for 758.18. The first issue has 15 years to maturity and an annual coupon of 6%. The second issue has the same yield to maturity as the first one, pays annual interest as well, but has only 5 years remaining till maturity. The annual interest payment on the second issue is closest to:
A. $25.23.
B. $27.83.
C. $29.46.
参考解答
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2024-11-17 15:45:44
Ans:B
We can calculate the YTM from the first issue and use it in the second bond calculation.
Step1: calculate YTM from the first issue
N=15, PMT=60, FV=1000, PV=-758.18 CPT -> 1/Y=9
Step2: since two bonds have the same YTM, we can calculate the annual interest payment for the second bond:
N=5, 1/Y=9, FV =1000, PV=-758.18 CPT -> PMT = 27.83
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