Coffee with a friend who loves to talk about investing. She explains that she just bought some bonds with 4.6% coupon rates, paid annually, and a yield-to-maturity of 5.8%. The bond issue matures in six years. Two questions here: What price did your friend pay? If your opportunity cost of investing funds is 7.0%, what is the maximum price you would pay for one of these bonds?

Use Excel formulas please!