Your firm, Nurse International has identified investments for your hospital in long term, fixed income bonds. Your boss is expecting you to complete a comprehensive, analytical, response to this project (details to follow) . Assume your firm sold bonds that have a 10-year maturity, a 12 percent coupon rate with annual payments, and $1,000 par value,

a) Suppose that two years after the bonds were issued, the required interest rate fell to 7 percent. What would be the bonds