What is the updated value of the bond

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Question: 9% annual coupon. 15 year bond. Par is $1000. One year into the bond's life (14 years to maturity), the market rates are cut down by 70 basis points. What is the updated value of the bond? Please show work and write out answers.

Reference no: EM131478629

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What is the updated value of the bond : 9% annual coupon. 15 year bond. Par is $1000. One year into the bond's life (14 years to maturity), the market rates are cut down by 70 basis points.
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