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Briar Corp is issuing a 10-year bond with a coupon rate of 8 percent. The interest rate for similar bonds is currently 9.52 percent. Assuming

Briar Corp is issuing a 10-year bond with a coupon rate of 8 percent. The interest rate for similar bonds is currently 9.52 percent. Assuming annual payments, what is the present value of the bond? (Round to the nearest dollar.)

a) 990

b) 872

c) 905

d) 1066

Please do not calculate with excel. Calculate this problem step by step through finance formulas.

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