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An Eminence Water Utility Revenue Bond matures in 15 years, pays a 5.5 percent coupon rate semiannually, and has a face value of $5,000. What is the current price of the bond? What would be its price if the market rate were 6 percent?

Posted on June 7, 2018July 30, 2020 by Admin

Paper details

An Eminence Water Utility Revenue Bond matures in 15 years, pays a 5.5 percent coupon rate semiannually, and has a face value of $5,000. The market interest rate for similar risk and maturity municipal bonds is 4 percent.
Questions:
What is the current price of the bond?
What would be its price if the market rate were 6 percent?

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