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Bond Valuation with Semiannual Payments Renfro Rentals has issued bonds that have a 7% coupon rate, payable semiannually. The bonds mature in 11 years, have

Bond Valuation with Semiannual Payments

Renfro Rentals has issued bonds that have a 7% coupon rate, payable semiannually. The bonds mature in 11 years, have a face value of $1,000, and a yield to maturity of 6.5%. What is the price of the bonds? Round your answer to the nearest cent.

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