XYZ Corp. has a bond issue with a $ 1,000 par value and a 15% coupon rate. It pays interest annually and has 15 years remaining to maturity. It just made a coupon payment (i. e., it has 15 coupon payments left to make). If the yield to maturity of bonds with similar risk and maturity is 10%. What the price of XYZ’s bond today? Round your final answer to two decimals.

Bond Present Value = $1380.30

Explanation:

Future value (FV) = $1000

coupon rate/interest rate(r) = 15%

maturity (n) = 15

yield/required return = 10%

Bond Present Value = FV/(1 + r)^n + p(1 - (1 + r)^-n))/r

Bond Present Value = 1000/(1 + 0.10)^15 + 150(1 - (1 + 0.10)^-15)/0.10

Bond Present Value = 239.39204937 + 1140.9119259

Bond Present Value = 1380.3039753

Bond Present Value = $1380.30

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