1. What is the value of a bond that has a par value of $1,000, a coupon rate of 11.93 percent (paid annually), and that matures in 30 years? Assume a required rate or return on this bond is 8.36 percent.
Round the answer to two decimal places in percentage form.
2. Find the modified internal rate of return (MIRR) for the following series of future cash flows if the company is able to reinvest cash flows received from the project at an annual rate of 11.07 percent. The initial outlay is $385,200.
Year 1: $177,700
Year 2: $187,300
Year 3: $180,900
Year 4: $174,400
Year 5: $129,300