pybus, Inc. is considering issuing bonds that will mature in 25 years with an annual coupon rate of 12 percent. Their par value will be ​$1,000​, and the interest will be paid semiannually. Pybus is hoping to get a AA rating on its bonds​ and, if it​ does, the yield to maturity on similar AA bonds is 9.5 percent. ​ However, Pybus is not sure whether the new bonds will receive a AA rating. If they receive an A​rating, the yield to maturity on similar A bonds is 10.5 percent. What will be the price of these bonds if they receive either an A or a AA​ rating?

a. The price of the Pybus bonds if they receive a AA rating will be ​$___. ​ (Round to the nearest​ cent.)

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