(Bond valuation) Bellingham bonds have an annual coupon rate of 7 percent and a par value of $1000 and will mature in 5 years. If you require a return of 15 percent, what price would you be willing to pay for the bond? What happens if you pay more for the bond? What happens if you pay less for the bond?
A. The price you would be willing to pay for the bond is $ (Round to the nearest cent)