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Cherry Custom Cabinetry, a small, publicly held company, issued a bond which has 12 years remaining to maturity (round to the nearest whole number if

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Cherry Custom Cabinetry, a small, publicly held company, issued a bond which has 12 years remaining to maturity (round to the nearest whole number if necessary). It pays coupon interest at an annual rate of 5.13%. As a small company and its associated risk, investors require 10% return on the bond. Assume face value of $1,000 to be paid at maturity. Compute the value of this bond today using annual compounding. (7 pts)

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