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Compute the price of a $1,000 par value, 12 percent (semi-annual payment) coupon bond with 28 years remaining until maturity assuming that the bond's yield

Compute the price of a $1,000 par value, 12 percent (semi-annual payment) coupon bond with 28 years remaining until maturity assuming that the bond's yield to maturity is 19 percent. (Round your answer to 2 decimal places and record your answer without dollar signs or commas). PLEASE EXPLAIN THE SOLUTION USING FINANCIAL CALCULATOR.

ANSWER: 1,242.4

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