A bond that matures in 12 years has a par value of 1000 and


A bond that matures in 12 years has a par value of $1,000 and an annual coupon of 12%; the market interest rate is 8%. What is its price?

Value of bond = ?

Please include steps used, or a formula for excel.

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Financial Management: A bond that matures in 12 years has a par value of 1000 and
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