Problem:
Seattle Seafood Company (SSC) has an issue of 5-year, 9% annual coupon bonds outstanding. The bonds, which were originally issued 15 years ago, have a face value (FV) of $1,000, a yield-to-majurity (YTM) of 12%, and are noncallable.
Required:
What is the current market price of SSC's bonds?
Note: Please show how you came up with the solution.