16. Last year a firm issued 22-year, 9% annual coupon bonds at a par value of $1,000. Suppose that one year later the going rate drops to 6%. What is the new price of the bonds assuming that they now have 19 years to maturity?

Years to maturity 21

Coupon rate 9%

Annual payment $90

Par value $1,000

Required rate, rd 6%

Value of bond =??

Please show any steps, and if possible please include how to solve the problem in excel! Thank you!