How large a check must you write to complete the, Financial Management

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How large a check must you write to complete the

The Pennington Corporation issued a new series of bonds on January 1, 1985. The bonds were sold at par ($1,000); had a 12% coupon; mature in 30 years on December 31, 2014. Coupon payments are made semiannually (on June 30 and December 31). Now assume that you plan to purchase an outstanding Pennington bond on March 1, 2008, when the going rate of interest given its risk was 15.5%. How large a check must you write to complete the transaction?

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