a coupon bond that pays seminanual interest is reported in the wall street journal as having an ask price of 120% of it 1000 par value if the last interest payment was made 3 months ago and the coupon rate is 4% the invoice price of the bond will be

Invoice on price of bond  =$1209.89

Explanation:

Annual coupon amount =  1000 x 4%= 40

Payments made semi annually, therefore number of days before every payment = 365/ 2 = 182.5 = 182 days

Last interest payment = 3 months ago, taking each ,month = 30 days , we have 30 x 3 = 90 days

Flat price = par value x asking price percent = 1000 x 120%= $1200

Accrued interest = (Annual coupon interest /2)x ( days since last payment/ days separating coupon payments

= (40/2) x (90/182) = 20 x  0.4945= $9.890

Invoice on price of bond = flat price + accrued interest

                                           $1200 +$9.890

                                        =$1209.89

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