7. Assume you are considering the purchase of a 20-year, non-callable bond issued 4 years ago with a coupon rate of 8.5%. The bond has a face value of $1,000, and it makes semiannual interest payments. If you require a 6.4% nominal yield to maturity on this investment, what is the maximum price you should be willing to pay for the bond? Please show work! Preferably on excel but if quicker by hand or formula calculation, that is fine! Thank you!!