Bonds with a maturity value of $40 000 in 7.5 years, bearing interest at 8% payable quarterly,

Question:

Bonds with a value of $40 000 in 7.5 years, bearing interest at 8% payable quarterly, are sold to yield 6.8% compounded semi-annually. Determine the purchase price of the bonds.
Maturity
Maturity is the date on which the life of a transaction or financial instrument ends, after which it must either be renewed, or it will cease to exist. The term is commonly used for deposits, foreign exchange spot, and forward transactions, interest...