This problem is worth 15 points. On July 1, 2016 Alpha Company sells $1,000,000 face value of 10% five year bonds which call for semiannual interest payments.
This problem is worth 15 points. On July 1, 2016 Alpha Company sells $1,000,000 face value of 10% five year
bonds which call for semiannual interest payments. The bonds are dated April 1, 2016 so these bonds are issued between interest dates. The market rate at the date of issue is also 10%. For simplicity, use a 360-day year and 3 day months for all calculations.
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