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The 12-year $1000 par bonds of Vail Inc. pay 12 percent interest. The market's required yield to maturity on a comparable-risk bond is 15 percent.

The 12-year $1000 par bonds of Vail Inc. pay 12 percent interest. The market's required yield to maturity on a comparable-risk bond is 15 percent. The current market price for the bond is 930.00. What should be the value of the Vail bonds given the yield to maturity on a comparable risk bond? Should you purchase the bond at the current market price?

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