Crane Corp is issuing a 10-year bond with a coupon rate of 11 percent. The interest rate for similar bonds is currently 6 percent. Assuming annual payments, what is the value of the bond? Assume face value is $1,000. (Round answer to 2 decimal places, e.g. 15.25.) Value of bond $

Crane Corp is issuing a 10-year bond with a coupon rate of 11 percent. The interest rate for similar bonds is currently 6 percent. Value of bond