A firm has a bond issue maturing in seven years with par value of $1,000. Those bonds make annual coupon payments of $70. The market interest rate on similar bonds is 8.50%. What is the bond’s price (round your answer to two decimal places)? (i) Describe and interpret the assumptions related to the problem. (ii) Apply the appropriate mathematical model to solve the problem. (iii) Calculate the correct solution to the problem.