Coupon 8 maturity date 2038 interest paid semiannually par

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What is the market value of the following bond? Coupon 8% Maturity date 2038 Interest paid semiannually Par Value $1000 Market interest rate 10% 15. You are 30 years old but and planning to retire at age 62. You want to plan my finances for living 35 years past age 62 and die dead broke. You determine you will need $3000 per month year from age 62 on. Ignore inflation. At age 62, you plan to go live in the tropics on the beach and live on coconuts and fishing. You need to conclude your retirement savings at age 55 because all your spare money then will be going to your kids education. The question is how much money do you need to save each month between now and 55 so that you can quit contributing. The expected return on your investments over the whole period is 10% per year.

Reference no: EM13567793

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