Reading 47 EOC 28

Hi all,

How come that in the solution of the #28 in the Reading 47 the total coupon is added to the price of the bond ?

In the question, they say that it is “callable any time after today at par plus one-half of the annual coupon” ?

So I thought that it was callable at 104 PLUS 4$ ( 50% of a 8 annual coupon) …

Thanks ! smiley

“par plus one-half of the annual coupon” just means the call price is $104