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Assume the zero-coupon yields on default-free securities are as summarized in the following table: Maturity 1 year 2 years 3 years 4 years 5 years

Assume the zero-coupon yields on default-free securities are as summarized in the following table:

Maturity

1 year

2 years

3 years

4 years

5 years

Zero-Coupon Yields

4.00

%

4.30

%

4.50

%

4.70

%

4.80

%

What is the price of a five-year, zero-coupon default-free security with a face value of

$ 1 comma 000

?

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