The yield to maturity for 15-year bonds is as follows for four different bond rating categories. Use Appendix B and Appendix D for an approximate answer but calculate your final answer using the formula and financial calculator methods. Aaa 9.60% Aa1 9.80% Aa2 10.00% Aa3 10.80% The bonds of Falter Corporation were rated as Aaa and issued at par a few weeks ago. The bonds have just been downgraded to Aa2. Determine the new price of the bonds, assuming a 15-year maturity and semiannual interest payments. Note: Do not round intermediate calculations and round your answer to 2 decimal places.

Price of the bonds: