The bond value of a bond depends on the following factors: coupon or interest rate, yield to maturity, face value, and maturity or duration. In the primary market, these factors determine the price of the bond. In the secondary market, the value of the bond is determined by factors such as the creditworthiness of the issuing corporation, cash flow, and the timing of the next coupon payments.

a)Explain the following concepts related to bonds in one or two sentences: Yield to maturity (YTM), Coupon rate (C), Par value or face value (P), and years to maturity (tenor, n).

b) A 5 years corporate bond has a par value of $ 1,000, coupon rate is 7% and YTM is 10%. Calculate the bond price.