Assume a perfect capital market. In this market corporate bonds issued by Mclreno are traded. The nominal

value of the bonds is $1,000\mathrm{.}00$; the coupon is equal to $5\mathrm{.}3\%$ and the remaining maturity is $1$ year.

The probability of default is $11\mathrm{.}0\%.$ In the event of default, the bondholders at $t=1$ will receive only $630$ per

bond. In case of no default, the payment at $t=1$ is $1040.$ The rate of return required by the bondholders is

$7\mathrm{.}5\%.$What is the price of one McIreno corporate bond?

Round your final answer to cents $($i$.$e$.$ two decimal places$).$ Ignore the currency sign. Use a decimal point $($no

comma$),$ and do not indicate thousands with a period or comma.

Example: You calculated a final answer of $1234\mathrm{.}56789$ and thus you enter: $1234\mathrm{.}57$