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Bill Mitselfik has purchased a bond that was issued by Acme Chemical. This bond has a face value of $1,000 and pays a dividend of

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Bill Mitselfik has purchased a bond that was issued by Acme Chemical. This bond has a face value of $1,000 and pays a dividend of 4% per year, compounded semi-annually. Bill bought the bond two years ago at face value and there are nine years remaining until the bond matures. Bill wishes to sell it now for a price that will result in Bill earning an annual yield of 6% compounded semi-annually. What price does Bill need to sell the bond for to earn his desired return? The selling price of the bond should be $ (Round to the nearest dollar.)

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