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What is the amount of the first interest payment

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Reference no: EM13336188

Refer to the following information:

Amount issued $420 million Offered Issued at a price of 102.00% plus accrued interest (proceeds to company 101.790%) through First Boston Corporation.
Interest 9.75% per annum, payable February 15 and August 15.

a.  Suppose the debenture was issued on September 1, 1992, at 102.00%. How much would you have to pay to buy one bond delivered on September 15? Don't forget to include accrued interest. (Do not round intermediate calculations. Round your answer to 2 decimal places.)

Amount to be paid %

b. What is the amount of the first interest payment? (Do not round intermediate calculations. Enter your answer in millions and final answer to 1 decimal place.)

Amount of payment: $ million

Reference no: EM13336188

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