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A(n) 7.8% bond matures in 6 years and has a current yield (not YTM) of 5.9%. The bond's current trading price is $________. Do not
A(n) 7.8% bond matures in 6 years and has a current yield (not YTM) of 5.9%. The bond's current trading price is $________. Do not round any intermediate work. Round your *final* answer to 2 decimal places (example: 1234.567 = 1234.57). Do not enter the $ sign. Margin of error for correct responses: +/- .05. NOTE: You should refer to the definition of "current yield" from your class notes. The definition in your textbook should be ignored, as it might cause confusion.
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