Bernard purchased a $50,000 bond carrying a 4.5% coupon rate when it had 8 years remaining until maturity. What price did he pay if the prevailing rate of return on the purchase date was 5.2% compounded semiannually? (Do not round the intermediate calculations. Round your answer to the nearest cent.)
Bond price $

Assume that: Bond interest is paid semiannually. The bond was originally issued at its face value. Bonds are redeemed at their face value at maturity. Market rates of return are compounded semiannually.