Problem:
Even though most corporate bonds in the United States make coupon payments semiannually, bonds issued elsewhere often have annual coupon payments. Suppose a German company issues a bond with a par value of €1,000, 25 years to maturity, and a coupon rate of 6.4 percent paid annually.
Required:
Question: If the yield to maturity is 7.5 percent, what is the current price of the bond?
Note: Please provide full description.