Bernard purchased a $50,000 bond carrying a 4.5% coupon rate when it had 8 years remaining until

Question:

Bernard purchased a $50,000 bond carrying a 4.5% rate when it had 8 years remaining until maturity. What price did he pay if the prevailing rate of return on the purchase date was 5.2% compounded semiannually? (Taken from CIFP course materials.)
Coupon
A coupon or coupon payment is the annual interest rate paid on a bond, expressed as a percentage of the face value and paid from issue date until maturity. Coupons are usually referred to in terms of the coupon rate (the sum of coupons paid in a...