Given a 15-year bond that sold for $1,000 with a 9 percent coupon rate, what would be

Question:

Given a 15-year bond that sold for $1,000 with a 9 percent rate, what would be the price of the bond if interest rates in the marketplace on similar bonds are now 12 percent? Interest is paid semiannually. Assume a 15-year time period. Coupon
A coupon or coupon payment is the annual interest rate paid on a bond, expressed as a percentage of the face value and paid from issue date until maturity. Coupons are usually referred to in terms of the coupon rate (the sum of coupons paid in a...