"The following quote for a bond appears in the financial press:
Issue
Coupon
Maturity Date
Bid
Ask
Yield
Imaginary Ltd.
10.8%
30 Sept 2029
104.30
104.60
9.46
Calculate how much a client will pay if she wants to purchase a $20,000 denomination of this bond. (Ignore any accrued interest.)
a. $18,920.00
b. $19,120.46
c. $20,860.00
d. $20,920.00"
