TE 8 -- Ch. 7 individual exercise -- bond price = $1,000, 30-year term, 6 years old, coupon rate = 5%, YTM = 4%. Annual payments.

What is the bond price? Explain why more or less than $1,000 initial price.

TE 8 -- Ch.7 individual exercise -- bond price = $1,000, 30-year term, 6 years old, coupon rate = 5%, YTM = 4%. Annual payments. Bond price? Explain why more or less than $1,000 initial price