Question: please solve this problem without using Excel and show all steps. Question No.13 A 1,000 par value bond (with a maturity value of 1,000) pays

please solve this problem without using Excel and show all steps.

Question No.13 A 1,000 par value bond (with a maturity value of 1,000) pays 8% annual coupons. The bond is purchased on its issue date for 1,144.32, resulting in an annual effective yield to maturity of i. Based on a yield of i, the bond's book value at the end of year 2 will be 1,137.44. What is the bond's term (in years) A. 20 B.21 C. 22 D. 23 E. 24

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