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Actuarial Exam 2/FM Prep: Compare Makeham's and Basic Formula for Bond Prices
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Financial Math for Actuarial Exam 2 (FM), Video #104. Exercise 7.9 (modified) from "The Theory of Interest", 2nd Edition, by Stephen G. Kellison.
Present value of redemption value known. Number of coupon payments unknown.
Exercise 7.9 (modified): A $1000 bond with a coupon rate of 9% payable semian- nually is redeemable after an unspecified number of years at $1125. The bond is bought to yield 10% convertible semiannually. If the present value of the redemption value is $225 at this yield rate, find the purchase price.
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