Tiffany Company

How to compute the selling price of a bond.?

On December 31, 2008, Tiffany Company issued $1,430,000 of 11% bonds. The market interest rate at the time of issuance was 8%. The bonds pay interest on June 30 and December 31 and mature in 8 years.

Required:

Compute the selling price of the bonds on December 31, 2008.

Note: Round all intermediate calculations to three decimal places, and round your final answer to the nearest cent.

Do you have the tables? I saw this earlier, but without the tables and the fact that this was not my best chapter I feel I can't help much.

MV of bonds .....1,430,000
*PV of Princ.....****
**PV of int .....*****
Add PV of pric+PV of int and that will (should) give you the selling price of the bonds

* you will need the PV of a dollar table, 4% column and go to 16 years (I think you double the years and divide the interest when it is semiannually payments) times that factor by 1,430,000

**This time you need the PV of an ordinary annuity table, again with the 4% and 16 years (unless someone corrects me about the semi annual payments) times that factor by 1,430,000*.08/2=57,200

It is the best I can do. I don't think I am way off, but I am fuzzy on the if the semi annual changes % and years like I think it does.

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