Question on PRICE and YIELD function in spreadsheet
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?