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Problem 13-07 Ten years ago your grandfather purchased for you a 30-year $1,000 bond with a coupon rate of 8 percent. You now wish to

Problem 13-07

Ten years ago your grandfather purchased for you a 30-year $1,000 bond with a coupon rate of 8 percent. You now wish to sell the bond and read that yields are 6 percent. What price should you receive for the bond? Assume that the bond pays interest annually. Use Appendix B and Appendix D to answer the question. Round your answer to the nearest dollar.

$

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