On September 1, 2012, an investor purchases a $10,000 par T-bond that matures in 8 years. The coupon rate is 8 percent and the investor buys the bond 45 days after the last coupon payment (135 days before the next). The ask yield is 7 percent. The dirty price of the bond is

Answer:

Dirty price of the bond = $10,098.63

Explanation:

Clean price = $10,000

Accrued interest = F * (C / M) * (D / T) ............... (1)

F = Face value = $10,000

C = Total annual coupon rate = 8%, or 0.08

M = Number of coupon payment per year = 1

D = Days since last payment date = 45

T = Accrual period (Number of days between payments) = 365

Substituting the values into equation (1), we have:

Accrued interest = $10000 * (0.08 / 1) * (45 / 365) = $98.63

Dirty price of the bond = Clean price + Accrued interest = $10,000 + $98.63 = $10,098.63

The dirty price of the bond is $10,098.63.

Since Clean price = $10,000

Now

Accrued interest = Face value * (Coupon rate / coupon payment) * (Days / period)

So,

Accrued interest = $10000 * (0.08 / 1) * (45 / 365)

= $98.63

Now we know that

Dirty price of the bond = Clean price + Accrued interest

= $10,000 + $98.63

= $10,098.63

Hence, we can conclude that The dirty price of the bond is $10,098.63.

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December 31 (Millions of Dollars) 2011 2010 2009
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Assets
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Other assets 173 176 194
3,521 3,102 3,028
Liabilities
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Other liabilities 393 145 188
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