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The 3 0 - year A - rated bonds of Polly Cracker Company were initially issued at a 1 0 percent yield ( paid semiannually

The 30-year A-rated bonds of Polly Cracker Company were initially issued at a 10 percent yield (paid semiannually). After 10 years, the bonds have been upgraded to AA. Such bonds are currently yielding 8 percent (semiannual compounding). Assume the par value of the bonds is $1,000.Determine the price of a Polly Cracker bond. (Use a Financial calculator to arrive at the answer. Round the final answer to 2 decimal places.)Price of the bonds$

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