How much did he actually pay for this bond

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Reference no: EM13258910

Suppose that, on 27th August 2007, Clement bought a 20-year 7% HSBC corporate bond that pays coupon interest at 7th June and 7th December each year. The par value of this bond is $100,000 and the price quote was 102.4375 on 27th August 2007. How much did he actually pay for this bond? Assume that the accrual interest calculation uses the actual number of day.

Reference no: EM13258910

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