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How large a check must have written to complete transaction

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Reference no: EM132919751

The Lex Corporation issued a new series of bonds on January 1, 2000. These bonds were sold at par, have a 12 percent coupon and mature in 30 years, on December 31, 2029. Coupon payments are made on June 30 and December 31.

Problem 1: Assume that you purchased an outstanding Lex bond on March 1, 2023, when the going rate of interest was 15.5 percent. How large a check must you have written to complete the transaction?

Reference no: EM132919751

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