If you have $1000 par value bonds outstanding at 9% interest, will mature in 20 years and have a 6% yield, what is the current price? What equation do I use?
Assuming your redemption value is 1,000, the 9% is annual coupon rate, and the 6% yield is annual, I get 1,344.10. See here for all 4 price formulas of a bond. They all yield the same result, just different math.