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What is the bond price for mike

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Reference no: EM132743520

Problem 1: Mike has just invested in a premium bond that offers an annual coupon rate of 12%, with interest paid annually. The face value of the bond is $1,000 and the difference between the bond's yield to maturity and coupon rate is 3%. The bond matures in 8 years. What is the bond's price?

A) $1,166

B) $1,000

C) $120

D) $1,120

E) None of the above

Reference no: EM132743520

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