Problem 10-16 (Algo) Effect of yield to maturity on bond price [LO10-2, 10-3] Wilson Oil Company issued bonds five years ago at $1,000 per bond. These bonds had a 30 -year life when issued and the annual interest payment was then 9 percent. This return was in line with the required returns by bondholders at that point in time as describe below: Assume that 10 years later, due to bad publicity, the risk premium is now 7 percent and is appropriately reflected in the required returi (or yield to maturity) of the bonds. The bonds have 20 years remaining unti maturity Compute the new price of the bond. Use ARRendix B and Appendix D for an opproximate answer but calculate your final answer using the formula and financial calculator methods. Note: Do not round intermediate calculations. Round your final answer to 2 decimal places. Assume interest payments are annual