What must be the price of a $5,000 bond with a 6.9% coupon rate, semiannual coupons,...

What must be the price of a $5,000 bond with a 6.9% coupon rate, semiannual coupons, and eight years to maturity if it has a yield to maturity if it has a yield to maturity of 10% APR?

It says the answer is $4,160, but I don't know how they got that. please show work.

Expert Solution

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As nothing was mentioned excel is used. If you need with formula, let me know, will do that also. Thank you.

jeff jeffy answered 1 year ago

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