Question: Please show work and formula Briar Corp is issuing a 19-year bond with a coupon rate of 4 percent and $1,000 Face Value. The interest

Please show work and formula Briar Corp is issuing a 19-year bond

Please show work and formula

Briar Corp is issuing a 19-year bond with a coupon rate of 4 percent and $1,000 Face Value. The interest rate for similar bonds is currently 5 percent. Assuming annual payments, what is the present value of the bond? Do not round intermediate computations. Round your final answer to the nearest two decimals if needed. Do not type the $ symbol

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