Use the bond pricing formula and Table to calculate the number of years (to the nearest 1 1000th of a year) between the Thursday July 18, 2013, settlement date and the maturity date on the State of Illinois general obligation bonds maturing on July 1, 2033 The Bid Yield, 5 09 percent, is rounded fr...

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Use the bond pricing formula and Table to calculate the number of years (to the nearest 1/1000th

Question:

Use the bond pricing formula and Table to calculate the number of years (to the nearest 1/1000th of a year) between the Thursday July 18, 2013, settlement date and the date on the State of Illinois general obligation bonds maturing on July 1, 2033. The Bid Yield, 5.09 percent, is rounded from 5.090145 percent.

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...