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    Question on PRICE and YIELD function in spreadsheet

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    Please see attached examples from my textbook. I don't have the PRICE and YIELD functions on my spreadsheet, so how would I solve similar problems to these? Thanks.

    Suppose we have a bond with 22 years to maturity, a coupon rate of 8 percent, and a yield to maturity
    of 9 percent. If the bond makes semiannual payments,what is its price today?

    Settlement date: 1/1/2000
    Maturity date: 1/1/2022
    Annual coupon rate: 0.08
    Yield to maturity: 0.09
    Face value (% of par): 100
    Coupons per year: 2
    Bond price (% of par): 90.49

    My textbook says the formula entered for the bond price is =PRICE(b7,b8,b9,b10,b11,b12)

    I don't understand the PRICE function--it is not on my excel spreadsheet.
    Is there another way to solve this on a spreadsheet?

    © BrainMass Inc. brainmass.com June 3, 2020, 4:44 pm ad1c9bdddf
    https://brainmass.com/business/bond-valuation/question-price-yield-function-spreadsheet-2496

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    Solution Summary

    The price and yield functions on spreadsheets are examined. The formula entered for the bond price are given.

    $2.19

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