Thirty$-$year B$-$rated bonds of Parker Optical Company were initially issued at a

$18$ percent yield. After $5$ years the bonds have been upgraded to Aa$2.$ Such

bonds are currently yielding $16$ percent to maturity.

Determine the price of the bonds with $25$ years remaining to maturity.

Answer is complete but not entirely correct.

Price of the bonds

$ $1,017\mathrm{.}24$