Determining Price of Bonds

Miller Corporation has a premium bond making semiannual payments. The bond has a coupon rate of 8 percent, a YTM of 6 percent, and 14 years to maturity. The Modigliani Company has a discount bond making semiannual payments. This bond has a coupon rate of 6 percent, a YTM of 8 percent, and also has 14 years to maturity.

 

What is the price of each bond today? (Do not round intermediate calculations. Round your answers to 2 decimal places (e.g., 32.16).)

 

 Price of Miller bond
 Price of Modigliani bond

 

If interest rates remain unchanged, what do you expect the price of these bonds to be 1 year from now? In 5 years? In 9 years? In 13 years? In 14 years? (Do not round intermediate calculations. Round your answers to 2 decimal places (e.g., 32.16).)

 

Price of bond in: Miller bond Modigliani bond
 1 year
 5 years
 9 years
 13 years
 14 years
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