Rania is looking at buying a 10 no call 7 bond. It has a face value of $10,000, a coupon of 5.3750%. It is callable for $10,500 only on coupon dates, with the first call at the end of year 7. The bond matures at face value.

Rania has a target yield of 3%. What is the most she should pay for the bond to guarantee her target yield?

explain. don't use built-in excel functions