$3,000 * (1 + .03)^1
$3,000 * (1 + .03)^2
$3,000 / (1 + .03)^1
$3,000 / (1 + .03)^2
$60 coupon / (1 + .09)^1 +
$60 coupon / (1 + 09)^2 +
$60 coupon / (1 + .09)^3 +
$1000 maturity payment / (1 + .09)^3
(assumes this bond pays once per year
instead of the typical twice per year)
= $924.06
$90,000 / (1 + .11)^1 +
$90,000 / (1 + .11)^2 +
$90,000 / (1 + .11)^3
=
$219,934.32
$90,000 / (1 + .05)^1 +
$90,000 / (1 = .05)^2 +
$90,000 / (1 = >05)^3 = $245,092.32
...assumes profits don't appear until the final day of each year...