9

Number 9 Determine the purchase price at the indicated time before maturity of the following bond redeemed at par shown in the table below. Par Value Bond Rate Payable Time Before Maturity Yield Rate Semi-Annually 10.5% 12.5 years 11.5% Conversion Period $3,000 semi-annually The purchase price of the bond is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)