Assumptions :
Bond Face value = $1,000 and coupons are paid semi-annually.
Coupon payment will be1,000 * 9% / 2 = $45
Interest rate is 8% but since we are assuming semi annual coupon payment, it will be 4% and period will be 30 (15 year * 2).
Value of Bond will be
45*(1-(1.04^-30))/0.04 + 1000/(1.04^30) = $1,086.46
If the market rate increases to 10% :
45*(1-(1.05^-30))/0.05 + 1000/(1.05^30) = $923.14
The bond will trade at par if the market interest rate is equal to coupon rate. So in this case when market interest rate becomes 9%, the bond will trade at par.
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