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Please use the information shown below on the next five questions Consider the decision to purchase either a five-year corporate bond or a five-year municipal

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Please use the information shown below on the next five questions Consider the decision to purchase either a five-year corporate bond or a five-year municipal bond. The corporate bond is an 8.5% annual coupon bond with a par value of $1,000 and a yield to maturity of 9.0%. The municipal bond has an annual coupon of 6.5%, a par value of $1,000, and a yield to maturity of 6.75%. What is the present value of the corporate bond (in \$s)

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