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Katie Pairy Fruits Inc. has a $3,500, 14-year bond outstanding with a nominal yield of 16 percent (coupon equals 16% $3,500 = $560 per year).

Katie Pairy Fruits Inc. has a $3,500, 14-year bond outstanding with a nominal yield of 16 percent (coupon equals 16% $3,500 = $560 per year). Assume that the current market required interest rate on similar bonds is now only 12 percent. UseAppendix BandAppendix Dfor an approximate answer but calculate your final answer using the formula and financial calculator methods

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