Question: NOTE: Solutions must be concise and detailed. You are not required to use formulas to answer the questions. It is sufficient to display your calculator

NOTE: Solutions must be concise and detailed. You are not required to use formulas to answer the questions. It is sufficient to display your calculator solutions, such as PMT=, FV=, PV=, and so on. For example, -100 PV 10 I 2 N FV=? FV = $121

Suppose that 6.5% interest is accrued semi-annually on 30-year Treasury bonds with a $1,000 par value. Assume further that the bonds' needed rate of return for today is 7%. At what price would these bonds sell today? To the nearest $1, round off.

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