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Katie Pairy Fruits Inc. has a $3,200 24-year bond outstanding with a nominal yield of 17 percent (coupon equals 17% × $3,200 = $544 per year). Assume that the current market required interest rate on similar bonds is now only 12 percent. Use Appendix B and Appendix D for an approximate answer but calculate your final answer using the formula and financial calculator methods.
a. Compute the current price of the bond. (Do not round intermediate calculations. Round your final answer to 2 decimal places. Assume interest payments are annual.)
b. Find the present value of 5 percent × $3,200 (or $160) for 24 years at 12 percent. The $160 is assumed to be an annual payment. Add this value to $3,200. (Do not round intermediate calculations. Round your final answer to 2 decimal places. Assume interest payments are annual.)
*Any help with this would be great. I am also using Excel as my financial calculator, so If someone could show how to get this answer in Excel, I would appreciate it.
Finance is about Gunns Ltd, a company in dealing with forestry products in Australia. The company has also been listed in Australian Stock Exchange. As many companies producing forestry products, even Gunns Ltd is facing various problems. Due to the ..
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