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7- What is the price of a bond with the following features? Face Value = $1,000 Coupon Rate = 3% (stated as an ANNUAL rate)

7- What is the price of a bond with the following features?

  • Face Value = $1,000
  • Coupon Rate = 3% (stated as an ANNUAL rate)
  • Semiannual coupon payments
  • Maturity = 6 years
  • YTM = 5.2% (Stated as an APR)

State your answer to the nearest penny (e.g., 984.25)

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