Apple issues a $1,000 5-year bond that pays a 9% interest rate. Assuming semi-annual interest payments, what is the value of this bond if market rates fall to 7% for bonds of this type?
I keep Getting the wrong answer and I am using a BA II Plus Calculator so maybe I am inputing the function in wrong but I am not sure.
The correct Answer is $1,083.17. Get Finance homework help today