15. A Janelle Industries debenture has a 10 per cent coupon rate and $100 face value. Interest is paid semi-annually, and the debenture has 20 years to maturity. If investors require a 12 per cent yield, what is the value of the debenture?
E. $100.00 Incorrect
The correct answer is: $84.95
Could you tell me how to calculate this answer?