Determine how much leann paid when she purchased the bonds

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Reference no: EM131969082

Leann just sold ten $1,000 par value bonds for $9, bond coupon rate was 6% per year payable quarterly. Leann owned t e^for 3 years. The first coupon payment she received was 3 months a bought the bonds. She sold the bonds immediately after receiving her 1 coupon payment.

Leann s yield on the bond was 12% per year compounded quarterly. Determine how much Leann paid when she purchased the bonds.

Reference no: EM131969082

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