Victoria Treasury has issued 30-year bonds that pay semi-annual coupons at a rate of 8.90 per cent.
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Question:
Victoria Treasury has issued 30-year bonds that pay semi-annual coupons at a rate of 8.90 per cent. The current market rate for similar securities is 11.50 per cent. What is the bond's current market value? (The bond's face value is $1,000).
1)
$781.18
2)
$781.81
3)
$187.81
4)
$881.81
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