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A corporation has just issued 10% coupon bonds with $1,000 face value. These bonds will...

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Finance

A corporation has just issued 10% coupon bonds with $1,000 face value. These bonds will mature in 13 years, and until then they will be making annual payments to their holders. The yield to maturity on these bonds is 4%.

Given these bond characteristics, how much should each of these bonds be selling for in today's market? (Increase decimal places for any intermediate calculations, from the default 2 to 6 or higher. Only round your final answer to TWO decimal places: for example, 1,000.23. Do NOT use "$" in your answer.)

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