Background information: Congratulations, you have been hired as an analyst at the Procter and Gamble Co. (PG). It is November 1, 2020. PG just made a coupon payment (semi-annual) on its "8% 2047" bonds that mature on November 1, 2047. The bonds currently sell for 106 with a par value of 100. Then, The PG 2047 bond was issued with a call provision that cannot be used the first five years. The bond was issued in 2017, so three years have already passed. If the bond is called on its first allowable date of November1, 2022, the company will pay bondholders 102.5.

Question: Kimberly-Clark Corp. (KMB) has a 5% 2047 bond issue with a YTM of 6.0%. The PGand KMB bonds are identical in every way, including the Moody's and S&P ratings,maturity date, and the fact that the respective companies can call them on November 1,2022 for 102.5.(The bonds were issued on different dates, thus their coupon rates, market prices, and YTMs are the only difference.) What is the price for the 2047 KMB bond?

(Use excel formulas)