Can not Figure out how to find the present value of second coupon

[here to learn]

What is present value of the second coupon payment of a 6% semi annual bond assuming discount rate is 7%

What I did
n=2
I/y=3.5 7/2
pmt= 3 6%/2x3
fv 100
com pv=99.01

Answer is 28.01

what am i missing

 

[tkhunny]

What is the value of the coupon when it is paid? You haven't told us the value of the bond.

 

[here to learn]

That is not in the qustion. So I was assuming fv was 100

 

[tkhunny]

See that note before the next problem? I'm guessing there is a note on the previous page about the problem you have presented.

Somewhere, it has to tell you the value of the bond so you can calculate the value of the 6% coupon. It's not $100.00.

Or, maybe at the beginning of the assignment you were told to assume that all bonds are $1,000.00. Just guessing. There isn't enough information as it is presented.

 

[here to learn]

Ok thanks,