Fifteen years ago TravelEasy Inc. issued twenty-five-year 10 annual coupon bonds with a 1,000 face value each. Since then, interest rates in general have fallen and the yield to maturity on the firm's bonds is now 6.
Given this information, what is the price today for a TravelEasy bond?
A) 1,000
B) 1,294.40
C) 1,091.08
D) 914.41
Question 2
Twenty years ago JeffCo Inc. issued thirty-year 9 annual coupon bonds with a 1,000 face value each. Since then, interest rates in general have risen and the yield to maturity on the firm's bonds is now 11.
Given this information, what is the price today for a bond from this issue?
A) 1,000
B) 1,116.54
C) 882.22
D) 914.41
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