How would you calculate the following without excel?
On June 1, 2012, he purchased $76 Million of Loatman Corp’s 8%, 20-year bonds at face value.
Loatman has paid the annual interest due on the bonds regularly. On June 1, 2016, market interest rates had risen to 10%, and Chauncey is considering selling the bonds.
Required:
Calculate the market value of his bonds on June 1, 2016.