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question 1 .. You are engaged by a CPA firm to help audit the financial statements of one of its clients, GTE corporation. GTE is

question 1 ..

You are engaged by a CPA firm to help audit the financial statements of one of its clients, GTE corporation. GTE is the holder of a bond issued by AT&T, which will mature in 12 years, with a par value of $1,000, and annual coupon rate of 8%. If the market prevailing interest rate is 7% on the bonds in the same category, the CPA firm asks you to help estimate the value or price of the bond.

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