An investor would like to buy a semi-annual compounding 8-year, $1,000 par value bond. The annual coupon rate on this bond is 12 percent. If the current yield to maturity of the bond is an 8 percent, what is a current price of the bond?

Please show work by showing the Cash Flow TimeLine and Inputs for a financial calculator or Excel.

b. $801

a. $1,115

c. $874

d. $1,233

This is my input in excel. What am I doing wrong? The answer is $1,233

1. Present Value (PV) of Lump Sum Amount N = 8 1/4 = 0.08 PV = ($885.07) PMT = 60 FV = 1000 Type = 0 2. Present Value (PV) of Ordinary Annuity N = 8 1/Y = 3% PV = ($1,216.00) PMT = $60.00 FV = 1000 Type = 0