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Problem 10-5 Bond value [LO10-3] Essex Biochemical Co. has a $1,000 par value bond outstanding...

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Problem 10-5 Bond value [LO10-3] Essex Biochemical Co. has a $1,000 par value bond outstanding that pays 12 percent annual interest. The current yield to maturity on such bonds in the market is 13 percent Use Aprendix Band Anpendix for an approximate answer but calculate your final answer using the formula and financial calculator methods. Compute the price of the bonds for the maturity dates: (Do not round Intermediate calculations. Round your final answer to 2 decimal places. Assume interest payments are annual) Bond Price a. 30 years b. 20 years 3 years G

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