Formulas E(R) on non-benchmark Bonds =r= Ry+ RP PV of Bond =SUM [C/(1+k) + C/(1+k)2 + +(C+par)/(1+k)"] : DUR - SUM{IC (1)/(1+k)] + [C2(2)(1+k) ++ [C_(n)/(1+1)"]YSUM{[C,/(1+k)] + [Cy/(1+)*] +...+((1+k)"I: DURDUR / (1+): Px=SUM{ [C+Prin)/(1+k)] + [(C+Prin) (+K)*+ + [(C+Prin)/(1+k)") RE(SP-INV -Loan + D) /INV: R=Profit / Investment A bank buys bonds with a par value of $14 million for $13,100,290. The coupon rate is 10%, and the bonds pay annual payments. The bonds mature in 7 years. The bank wants to sell them in 4 years, and estimates the required rate of return in 4 years will be 8%. What will the market value of the bonds be in four years? $14,021.890 $15.675,892 $14,721,587 $13,989 231