Question: THIS IS THE COMPLETE QUESTION. NO MISSING DETAILS The 25-year A-rated bonds of Polly Cracker Company were initially issued at a 12 percent yield (paid

THIS IS THE COMPLETE QUESTION. NO MISSING DETAILS

The 25-year A-rated bonds of Polly Cracker Company were initially issued at a 12 percent yield (paid semiannually). After 5 years, the bonds have been upgraded to AA. Such bonds are currently yielding 8 percent (semiannual compounding). Assume the par value of the bonds is $1,000. Determine the price of a Polly Cracker bond. (Use a Financial calculator to arrive at the answer. Round the final answer to 2 decimal places.) Price of the bonds

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