Kilgore Natural Gas has a $1,000 par value bond outstanding thatpays 13 percent annual interest. The current yield to maturity onsuch bonds in the market is 14 percent. Use Appendix B and AppendixD for an approximate answer but calculate your final answer usingthe formula and financial calculator methods.
Compute the price of the bonds for these maturity dates:(Do not round intermediate calculations. Round your finalanswers to 2 decimal places. Assume interest payments areannual.)
| | Bond Price |
| a. | 30 years | |
| b. | 15 years | |
| c. | 9 years | |
