Iron Maiden became the firstheavy-metal band to sell bonds when it arranged a$30 million deal in February 1999. The collateral on the bonds(and source of cash flow for interest and principalpayments) consisted of future royalties from theband's albums like"The Number of theBeast." Each bond in the issue had a face value of $1000, a term of 22 years and paid semiannual coupons at the rate of 5%. The yield to maturity on the bond was 7.25%.

At what price did each of the bonds sell?