roblem 10-13 (Algo) Effect of yield to maturity on bond price [LO10-3] m Cruise Lines Incorporated issued bonds five years ago at \$1,000 per bond. These bonds had a 25-year life when issued and the nnual interest payment was then 13 percent. This return was in line with the required returns by bondholders at that point as escribed below: ssume that five years later the inflation premium is only 3 percent and is appropriately reflected in the required return (or yield to aturity) of the bonds. The bonds have 20 years remaining until maturity. ompute the new price of the bond. Use App endix B and App endix D for an approximate answer but calculate your final answer using e formula and financial calculator methods. ote: Do not round intermediate calculations. Round your final answer to 2 decimal places. Assume interest payments are annual