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Removalists of Junk Inc. is issuing a new thirteen-year bond at a face value of $1000 with a coupon rate of 18.0%. Coupons are semi-annual. The risk free yield to maturity on similar term bonds trading in the market is 1.8% and Removalists of Junk has a credit spread of 7.1%.
Problem 1: What should be the price of Removalists of Junk's bond?
The annuity table provided below will assist with calculations:
r=0.9% r=1.8% r=2.65% r=3.05% r=4.45% r=5.3% r=7.1% r=8.9%n=13 12.2166 11.4994 10.877 10.601 9.7125 9.2262 8.3105 7.52726 23.0889 20.6186 18.6188 17.7744 15.2272 13.9409 11.7174 10.0117
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