Lincoln Park Co. has a bond outstanding with a coupon rate of 5.75 percent and semiannual payments. The yield to maturity is 4.7 percent and the bond matures in 22 years. What is the market price if the bond has a par value of $2,000

the market price is $2,484.1434

Explanation:

Market price =

C × 1 - (1+r)*-n /r + F/ (1+r)*n

C = coupon rate = 5.75% of 2000

= 5.75/100 × 2000

= $115

F= face value = $2,000

r = yield to maturity = 4.7% = 0.047

n = number of years to maturity =22

Price = 115 × 1-(1+0.047)*-22 / 0.047 + 2000/(1+0.047)*22

Price = 115 × 1-(1.047)*-22 / 0.047 + 2000/(1.047)*22

Price= 115 × 1 - 0.364060032/0.047 + 2000/2.74679974

Price =( 115 × 0.635939968/0.047 ) + 928.120063

=( 115 × 13.5306376) + 928.120063

= 1556.02332 + 928.120063

Market price = $2,484.1434

Note: ( * ) means "raised to power"

im confused need to go into details plz thx

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