Alan purchased a 20-year bond on its issue date for a price that gives him a yield to maturity of 6% p.a.(nominal) The bond has a face value of $1000 and pays semi-annual coupons at 5% p.a. (nominal). 6 years later, immediately after Alan received the coupon, he offers to sell the bond to Nancy. Nancy wants a yield to maturity of 4% for this bond. The following equation can be used to find the maximum price ($X) Nancy should pay for the bond Calculate the following variables in the above equation. The variables may or may not be of the same value. For percentage, round your answer to the nearest 0.1% (1dp). Do not include the % symbol. Do not use comma separators. For example, if your answer in decimal is 0.123456, 12.3 would be the correct format. For n, show your answer as an integer (positive or negative). Do not include units like years or months (number only). Do not use comma separators. For example, 1234 would be the correct format. For money amounts, round your answer to the nearest cent. Do not include $. Do not use comma separators. For example, 1234.56 would be the correct format.

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