Question: May I ask for an explanation/solution to the question for a better understanding. Thank you! A bond that matures in 8 years has a par

May I ask for an explanation/solution to the question for a better understanding. Thank you!

A bond that matures in 8 years has a par value of P1000 and an annual coupon payment of P70; its market interest rate is 9%. What is its price?

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