Culumber Corp is issuing a $10-$year bond with a coupon rate of $11$ percent. The interest rate for similar bonds is currently $5$ 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$.15\mathrm{.}25.)$

Value of bond $Current Attempt in Progress

Cullumber Corp is issuing a $10-$year bond with a coupon rate of $11$ percent. The interest rate for similar bonds is currently $5$ 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$.15\mathrm{.}25.)$

Value of bond