Question: 2. Consider a $1,000 par value bond issued by Apple Co. with a maturity date of 2038 and a stated coupon rate of 8.5 percent

2. Consider a $1,000 par value bond issued by Apple Co. with a maturity date of 2038 and a stated coupon rate of 8.5 percent that pays interest on an annual basis. On January 1, 2019, the bond had 20 years left to maturity, and the market's required yield to maturity for similarly rated debt was 7.5 percent. What is the value of the bond?

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