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A bond has a flat price of $985, and it pays an annual coupon. The last coupon payment was made 90 days ago. What is the invoice price if the annual coupon is $69?

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abiolataiwo2015

Answer:

$1,002.01

Explanation:

Computation for the invoice price

Using this formula

Invoice price=Flat price +[Annual coupon*(Coupon payment days/ Numbers of days in a year)]

Let plug in the formula

Invoice price =$ 985 + 69*(90/365)

Invoice price= $1,002.01

Therefore the Invoice price will be $1,002.01

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