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Calculating Bond Price Correct answer is $856.749 I'm having trouble getting to that answer. Thank you 5. (13 points Microhard has issued a bond with

Calculating Bond Price

Correct answer is $856.749

I'm having trouble getting to that answer. Thank you

5. (13 points Microhard has issued a bond with the following characteristics: Par Value: $1,000 Time to maturity: 12 years Coupon rate: 7 percent A. Calculate the price of this bond if the YTM is 9 percent. (5 points) B. If you sold this bond one year later and the market price is$920 at that time, what rate of return did you earn on the investment? (5 points)

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