The answer is $4,081.54

I neeed a step by step solution. Nothing excel.

(5) An investor owns a l $3,000 par-value 12 % bond with semiannual coupons. The bond will mature at par at the end of fourteen years. The investor decides that nvertible a ten-year bond would be preferable. Current yield rates are 6% co (5) An investor owns a l $3,000 par-value 12 % bond with semiannual coupons. The bond will mature at par at the end of fourteen years. The investor decides that nvertible a ten-year bond would be preferable. Current yield rates are 6% co