Question: NOTE: please show the full work i dont want the answer in excel. . A bond has a par value of $1,000, a time to

NOTE: please show the full work i dont want the answer in excel.

. A bond has a par value of $1,000, a time to maturity of 8 years, and a coupon rate of 9% with interest paid annually. If the current market price is $875, what will be the approximate price of this bond at the end of the first year?

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