What is the price of a $1,000 par value bond with an 8% coupon rate paid annually, and 6 years to maturity if the bond is currently sold at the yield-to-maturity of 7.32%? Round to the nearest cent. Do not a dollar sign in your answer.

The price of the bond is $1032.09

Explanation:

Annual coupon = $1000*8%

                          = $80

then the price of the bond is given by;

price of bond = Annual coupon*Present value of annuity factor  

                       = $80*4.719814309 + $1000*0.654509592

                       = $1032.09

Therefore, The price of the bond is $1032.09

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