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Bond Valuation with Semiannual Payments Renfro Rentals has issued bonds that have a 6 % coupon rate, payable semiannually. The bonds mature in 8 years,

Bond Valuation with Semiannual Payments

Renfro Rentals has issued bonds that have a

6 %

coupon rate, payable semiannually. The bonds mature in

8

years, have a face value of $

1, 000,

and a yield to maturity of

5.5 % .

What is the price of the bonds? Round your answer to the nearest cent.

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