What is the current bond price


Problem:

App Store Co. issued 14-year bonds one year ago at a coupon rate of 6.9 percent. The bonds make semiannual payments.

Requirement:

Question: If the YTM on these bonds is 5.5 percent, what is the current bond price?

Note: Please provide reasons to support your answer.

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Finance Basics: What is the current bond price
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