19 A firm issued bonds 10 years ago at $1,000 per bond. These bonds had a 30-year ile when issued and the annual interest payment was then 14 percent. This return was in line with the required returns by bondholders at that point in time as described below. points Reol rate of return Inflation premium Risk premium Total return 5 145 DORT Assume that 10 years later due to good publicity, the risk premium is now 3 percent and is appropriately reflected in the required return for yield to maturity of the bonds. The bonds have 20 years remaining until maturity Compute the new price of the bond. Use a financial calculator method or Excel to calculate your answer. (Do not round intermediate calculations. Round your final answer to 2 decimal places. Assume interest payments are annual) New Brice e re bord