Application 1: Even though most corporate bonds in the United States make coupon payments semiannually, bonds issued elsewhere often have annual coupon payments. Suppose a German company issues a bond with a par value of 1,000, 27 years to maturity, and a coupon rate of 3.6 percent paid annually. If the yield to maturity is 3.2 percent, what is the current price of the bond in euros?(SHOW THE EXACT FORMULA YOU WOULD TYPE INTO EXCEL)
Input area:
Settlement date	1/1/2020
Maturity date	1/1/2047
Coupon rate	3.60%
Coupons per year	1
Redemption value (% of par)	100
Yield to maturity	3.20%
Par value	1,000
(Use cells A6 to B12 from the given information to complete this question. You must use the built-in Excel function to answer this question. Leave the Basis input blank in the function. You may enter a constant as a hard coded value.)
Output area:
Price (% of par)
Price