The Teachers' Retirement System of a midwestern state is selling a bond investment from its portfolio to
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The Teachers' Retirement System of a midwestern state is selling a bond investment from its portfolio to generate cash to make payments to retirees for the coming year It plans to sell $100 million of face value Big Corporation bonds that it purchased 10 years ago. The bond pays interest twice each year. The coupon rate is 8.6 percent. If the current market interest rate is 4.5 percent and there are exactly 10 years left until maturity, how much will the retirement system be paid for the bond?
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Par value of Bond Coupon Rate Interest Payments per year Input Rate per coupon coupon rate payment...View the full answer
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Related Book For 
Financial Management For Public Health And Not-for-Profit Organizations
ISBN: 9781071835333
7th Edition
Authors: Steven A. Finkler, Daniel L. Smith, Thad D. Calabrese, Robert M. Purtell
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