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Doisneau 22-year bonds have an annual coupon interest of 12 percent, make interest payments on a semiannual basis, and have a $1,000 par value. If
Doisneau 22-year bonds have an annual coupon interest of 12 percent, make interest payments on a semiannual basis, and have a $1,000 par value. If the bonds are trading with a market's required yield to maturity of 11 percent, are these premium or discount bonds? Explain your answer. What is the price of the bonds?
The price of the bonds is $____. (Round to the nearest cent.)
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