5) Caldwell, Inc. sold an issue of 30-year, $1,000 par value bonds to the public. The bonds carry a 10.85% coupon rate and pay interest semiannually. It is now 12 years later. The current market rate of interest on the Caldwell bonds is 8.45%. What is the current market price (intrinsic value) of the bonds? Round off to the nearest $1. A) $751 B) $1,177 C) $1,220 D) $976 Answer: Instructions: Please write the details and the formulas that you use to solve the question of the solution any answer without details will be ignored