Part 2:Problem Solving

Show all computations where necessary.Partial credit will only be given if work is shown.

Solve the following problem using the formula.

A bond is available for purchase that has a face value of $ 2000, a 6.50% coupon payable semiannually, and 10 years of its original 30 years left of maturity. Approximately how much would you pay for the bod if the market return on similar bonds is 9.0 % ?