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Find the purchase price of the issue on september

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Reference no: EM132608817

The directors of a company authorized the issuance of Ksh30,000,000/= of serial bonds on September, 1993. Interest is to be paid annually on September 1 at a rate of 9%. The indenture provides the following redemption provision:

Ksh5,000,000/= of the issue to be redeemed on September 1, 1998;
Ksh5,000,000/= of the issue to be redeemed on September 1, 1998;
Ksh10,000,000/= of the issue to be redeemed on September 1, 2003;
Ksh15,000,000/= of the issue to be redeemed on September 1, 2007;

Required;

Find the purchase price of the issue on September 1, 1993, which would yield 8%?

What would be the value of bonds on september1, 2000?

Reference no: EM132608817

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