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Assuming the face value of TOL's bond is $1,000, determine the current price of this bond. TOL'S bond is a 25-year bond issued 23 years

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Assuming the face value of TOL's bond is $1,000, determine the current price of this bond. TOL'S bond is a 25-year bond issued 23 years ago with a coupon of 8% maturing in 2 years and as of today is rated BBB- It was rated BBB+ 23 years ago at issuance. Show all work (15 Minutes). 6-Month 5-Year 30-Year 2.30% 2.50% 3.00% 1-Year 7-Year 2.35% 2.70% Recent Treasury Yields: 3-Month 2.20% 2-Year 2.40% 10-Year 2.80% Current Corporate Spreads: Rating 1 Yr AAA | AA+ AA - A+ 3 yr 5yr7Y10 Y 30 Y 102 62 7691112 5646680 96 114 60 70 82 98 120 BB+ BBB BBB

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