Suppose a friend of yours invested in an outstanding bond with Purple Pottery. The bond has an annual coupon rate of $7\%,$ a rema of $17$ years, and a $$1,000$ par value. The market interest rate is currently $5\%.$

In order to use a financial calculator to compute how much your friend paid for the bond, you will need to know the following inforn

$\frac{\text{I}}{Y}$:$,$ the market rate of the interest on the bond

$N$:$,$ the number of years before the bond matures

$PMT$ : dollars of interest paid each year

FV: the par, or maturity, value of the bond

Compute the amount of interest paid each year by completing the following math derivation. Select this same value from the $"$PMT$"$ menu found in the following financial calculator table.

Amount $of$ Interest $=$ Coupon Rate $$ Par Value

$=$

$=$