Question: Please help I will up vote (Bond valuation--zero coupon) The Latham Corporation is planning on issuing bonds that pay no interest but can be converted

Please help I will up vote

(Bond valuation--zero coupon) The Latham Corporation is planning on issuing bonds that pay no interest but can be converted into $1,000 at maturity, 8 years from their purchase. To price these bonds competitively with other bonds of equal risk, it is determined that they should yield 9 percent, compounded annually. At what price should the Latham Corporation sell these bonds?

The price of the Latham Corporation bonds should be $____. (Round to the nearest cent.)

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