yield to maturity for $20-$year bonds is as follows for four different bond rating categories. Use Appendix B and Appendix D for an approximate answer but calculate your final answer using the formula and financial calculator methods.

Aaa Aa$1$

Aa$2$

$3$

$9\mathrm{.}40\%$

$9\mathrm{.}60\%$

$10\mathrm{.}00\%$

$11\mathrm{.}40\%$

The bonds of Falter Corporation were rated as Aaa and issued at par a few weeks ago. The bonds have just been downgraded to Aa$2.$ Determine the new price of the bonds, assuming a $20-$year maturity and semiannual interest payments.

Note: Do not round intermediate calculations