I used the PV formula in Excel for this questions and came up with a market price of $1,000.75, but my partner came up with $596.26 and I’m really…

I used the PV formula in Excel for this questions and came up with a market price of $1,000.75, but my partner came up with $596.26 and I’m really confused.

Another option for financing is to call in the outstanding bonds you have issued and obtain a loan with more favorable terms than the bonds you would issue. Presently, the company has a 6% coupon bond that matures in 11 years. The bond pays interest semiannually.

What is the market price of a $1,000 face value bond if the current rate of interest is 12.9%?