Solve the problems using the formulas below. Current rate = coupon payment/current price Current price = coupon payment/current rate You purchased a bond at par value that has a coupon rate (%) of 4%. New bonds were recently issued at 3%. You need to sell you bond. What is the new price of your bond? Why did the price change? You bought a bond for $975 with coupon of 6%. Your bond is now worth $875. What is the current rate?