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A bond with a face value of $1,000 pays a 7% (APR) annual coupon, and matures in 10 years. Similar bonds trade at a yield

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A bond with a face value of $1,000 pays a 7% (APR) annual coupon, and matures in 10 years. Similar bonds trade at a yield to maturity of 8% (APR). What is the price of the bond? To answer this question, we need to identify number of periods N= , coupon payments PMT=$ discount rate = %, future value FV= The final answer is

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