Example $1$: consider a bond with a coupon rate of $10\%$ and coupons paid annually. The par value $$1,000$ and the bond has $20$ years to maturity. The yield to maturity is $11\%.$ What is the value of the bond? PV $=920\mathrm{.}37$ PMt $=?100$ FV $1000$ I: $11\%$

Example $2$: same as example $1$ except that the yield to maturity is $9\%.$

$PV=1,091\mathrm{.}28,$ Pment