Problem 16-8 (Algo) Effect of bond rating change [LO 16-2] approximate answer but calculate your final answer using the formula and financial calculator methods. The bonds of Falter Corporation were rated as Aaa and issued at par a few weeks ago. The bonds have just been downgraded to Aa2. Determine the new price of the bonds, assuming a 10-year maturity and semiannual interest payments. Note: Do not round intermediate calculations and round your answer to 2 decimal places