A(n) 7.1% bond with 12 years left to maturity has a YTM of 8%. The bond's price should be $__________. You should assume as usual that the coupon payments occur semiannually.

Margin of error for correct responses: +/- .05.

Rounding and Formatting instructions: Do not enter dollar signs, percent signs, commas, X, or any words in your response. Do not round any intermediate work, but round your *final* response to 2 decimal places (example: if your answer is 12.3456, 12.3456%, or $12.3456, you should enter 12.35).