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Ziggy Corporation's bonds have a 1 5 - year maturity, 8 . 2 5 % coupon paid semiannually, and a par value of $ 1

Ziggy Corporation's bonds have a

15 -

year maturity,

8.25 %

coupon paid semiannually, and a par value of $

1, 000 .

The going interest rate for bonds of similar risk is

5 % .

What is the bond's price?Show the buttons you pressed on your financial calculator or the time value of money formulas used to compute your answer.

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