Attempts: Keep the Highest: 13 5. Calculating the bond price ReNew Corporation raises funds to build renewable energy systems by issuing 3-year bonds with a coupon rate of 6% and a face value of $1,600. Assume that the market interest rate for a 3-year bond issued by a firm like ReNew is currently the same as the coupon rate. The price of each of these bonds is which means that the bonds sell at Suppose that the market interest rate for bonds that are similar to the ReNew bond has increased to 7%. The price of the ReNew bond changes to which means that it sells at Suppose that instead of rising, the market rate decreases from 6% to 4%. The new price of the bond changes to , which means that the bond sells at Grade It Now Save & Continue Continue without saving