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Freiburg Faucets Incorporated issued 20.00-year bonds 4.00 years ago with a coupon rate of 9.50% APR. The bonds pay semi-annual coupons, have a face value

Freiburg Faucets Incorporated issued 20.00-year bonds 4.00 years ago with a coupon rate of 9.50% APR. The bonds pay semi-annual coupons, have a face value of $1,000 each and were issued at par value. What is the price of the Freiburg bonds today if investors want a 7.70% APR return for bonds of similar risk and maturity?

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