Question: Please explain in detail and type or write as neatly as possible. Thanks. a 1. J&J Manufacturing just issued a bond with a $1,000 face

Please explain in detail and type or write as neatly as

Please explain in detail and type or write as neatly as possible. Thanks.

a 1. J&J Manufacturing just issued a bond with a $1,000 face value and a coupon rate of 7%. If the bond has a life of 30 years, pays annual coupons, and the yield to maturity is 7.8%, what will the bond sell for? (Do not round intermediate calculations and round your final answer to 2 decimal places.)

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