Wine and Roses, Inc. offers a 5.5 percent coupon bond with semiannual payments and a yield to maturity of 6.32 percent. The bonds mature in 11 years. What is the market price of a $1,000 face value bond?a. $1,008.79b. $1,431.32c. $1,504.37d. $935.69e. $1,367.02

d. $935.69

Explanation:

The computation of the market price of the bond is shown below:

Given that

Future value be $1,000

RATE = 6.32% ÷ 2 = 3.16%

NPER = 11 × 2 = 22

PMT = $1,000 × 5.5% ÷ 2 = $27.50

The formula is shown below:

=-PV(RATE,NPER,PMT,FV,TYPE)

After applying the above formula, the market price of the bond is $935.69

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