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Question - Suppose Dillard Manufacturing sold an issue of bonds with a 10-year maturity, a $1,000 face value, a 10% coupon rate, and semiannual interest payments.
a) Two years after the bonds were issued, the going rate of interest on bonds such as these fell to 6%. At what price would the bonds sell?
N: 8*2= 16
Rate: 6%/2= 3%
FV: 1000
PMT: (10%*1000)/2= 50
Solve for PV (Price) = $1,251.22
b) Suppose that 2-years after the issue date (as in part a) interest rates fell to 6%. Suppose further that the interest rate remained at 6% for the next 8 years. What would happen to the price of the bonds over time? Explain.
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