Describe how the annual payment bond valuation formula is changed
to evaluate semiannual coupon bonds, and write out the revised formula.
Hartwell Corporation bonds have a 20-year maturity, an 8 percent
semiannual coupon, and a face value of $1,000. The going interest
rate (r d) is 7 percent, based on semiannual compounding. What is
the bond’s price?
