okay I was looking at my text book. Just wondering can someone explain how did they get the answer n: as 4.5
A six year bond with a face value of $1,000 bears interest at 7% semi-annually and matures on October 31, 2010. What is the selling price of the bond on July 15, 2006, if the market rate of interest is: 7% compounded semi-annually ?
-1,000 FV
-35 PMT
3.5 i
9 n ? 4.5?*2
COMP
PV
1,000
A six year bond with a face value of $1,000 bears interest at 7% semi-annually and matures on October 31, 2010. What is the selling price of the bond on July 15, 2006, if the market rate of interest is: 7% compounded semi-annually ?
-1,000 FV
-35 PMT
3.5 i
9 n ? 4.5?*2
COMP
PV
1,000