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Determine the price paid when she purchased the bond

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Reference no: EM133000270

Problem 1: Leann just sold a $10,000 par value bond for $9,800. The bond interest rate was 6 percent per year payable quarterly. Leann owned the bond for 3 years. The first interest payment she received was 3 months after she bought the bond. She sold it immediately after receiving her twelfth interest payment. Leann's yield on the bond was 12 percent per year compounded quarterly. Determine the price she paid when she purchased the bond.

Reference no: EM133000270

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