(Bond valuation) Fingen's 14-year, $1,000 par value bonds pay 12 percent interest annually. The market price of the bonds is $1,120 and the market's required yield to maturity on a comparable-risk bond is 9 percent.

a.Compute the bond's yield to maturity. (Round to two decimal places.)

b.Determine the value of the bond to you, given your required rate of return. (Round to nearest cent)

c.Should you purchase the bond?