Check my 1 Problem 10-14 Analyzing bond price changes [LO10-3] 10 DO Katie Palry Fruits Inc. has a $3,500 14-year bond outstanding with a nominal yield of 16 percent (coupon equals 16% 53,500 - $560 per year). Assume that the current market required interest rate on similar bonds is now only 12 percent Use Appendix Band Appendix D for an approacimate answer but calculate your final answer using the formula and financial calculator methods. a. Compute the current price of the bond (Do not round intermediate calculations. Round your final answer to 2 decimal places. Assume interest payments are annual) ces Current price of the bond b. Find the present value of a percent $3.500 (or $140) for 14 years or 12 percent The 5140 is assumed to be an annual payment Add this value to $3,500 (Do not round Intermediate calculations. Round your final answer to 2 decimal places. Assume interest payments are annual) Prva