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Calculate price at which institutional investor sold bonds

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Reference no: EM133076366

Question - On 1 January 2019 a company issued five-year fixed-interest bonds with a face value of $2 million to an institutional investor, paying half-yearly coupons at 8.36 per cent per annum. Coupons are payable on 30 June and 31 December each year until maturity. On 15 August 2020 the holder of the bonds sells at a current yield of 8.84 per cent per annum. Calculate the price at which the institutional investor sold the bonds.

Reference no: EM133076366

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