With celebrity bonds, celebrity raise money by issuing bonds
With celebrity bonds, celebrity raise money by issuing bonds toinvestors. The royalties from sales of music are used to pay interest andprincipal on the bonds. The bond was issued with a coupon rate of 6.5% and willmature on this day 34 years from now. The yield on the bond is currently 6.33%.At what price should this bond trade today assuming face value of $1,000 andannual coupons? The price of the bond today should be? (Round to nearest cent)