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Lance Whittingham IV specializes in buying deep discount bonds. These represent bonds that are trading at well below par value.
He has his eye on a bond issued by the Leisure Time Corporation. The $1,000 par value bond pays 4 percent annual interest and has 18 years remaining to maturity. The current yield to maturity on similar bonds is 13 percent.
a. What is the current price of the bonds? Use Appendix B and Appendix D for an approximate answer but calculate your final answer using the formula and financial calculator methods. (Do not round intermediate calculations. Round your final answer to 2 decimal places. Assume interest payments are annual.)
b. By what percent will the price of the bonds increase between now and maturity? (Do not round intermediate calculations. Input your answer as a percent rounded to 2 decimal places.)
Hints ReferenceseBook & Resources Worksheet Difficulty: IntermediateLearning Objective: 10-03 Bond valuation is based on the process of determining the present value of interest payments plus the present value of the principal payment at maturity.
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