The bonds of the falter Corporation were rated as AA and issued at par a few weeks ago. The bonds have just been downgraded to A.

Determine the new price of the bonds, assuming a 15-year maturity and semiannual intetest payments. Assume the par value of the bonds is $1,000.

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The yield to maturity for 15-year bonds is as follows for four different bond rating categories The bonds of Falter Corporation were rated as AA and issued at par a few weeks ago. The bonds have just been downgraded to A. Determine the new price of the bonds, assuming a 15-year maturity and semiannual interest payments. Assume the par value of the bonids is $1,000. (Use a Financial calculator to arrive at the answer. Round the final answer to 2 decimal places.) Price of the bonds