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7.02 A bond has a $1,000 par value, 12 years to maturity, and a 9% annual coupon and sells for $1,110. a. What is its

7.02

A bond has a $1,000 par value, 12 years to maturity, and a 9% annual coupon and sells for $1,110. a. What is its yield to maturity (YTM)? Round your answer to two decimal places. b. Assume that the yield to maturity remains constant for the next three years. What will the price be 3 years from today? Do not round intermediate calculations. Round your answer to the nearest cent

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