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Pet Food Company bonds pay an annual coupon rate of 13.37 percent. Coupon payments are paid semiannually. Bonds have 23 years to maturity and par value of $1,000. Compute the value of Pet Food Company bonds if the market interest rate on this type of bond is 8.60 percent.

Pet Food Company bonds pay an annual coupon rate of 13.37 percent.

Coupon payments are paid semiannually. Bonds have 23 years to maturity and par value of $1,000. Compute the value of Pet Food Company bonds if the market interest rate on this type of bond is 8.60 percent.

 
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