Calculate the current price of a $$1,000$ par value bond that has a coupon rate of $9$ percent, pays coupon interest annually, has $10$ years remaining to maturity, and has a current yield to maturity $($discount rate$)$ of $15$ percent. $($Round your answer to $2$ decimal places

Question $8(7$ points$)$

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The stock of Robotic Atlanta Inc. is trading at $$28\mathrm{.}66$ per share. In the past, the firm has paid a constant dividend $($i$.$e$.,g=0)$ of $$5\mathrm{.}53$ per share and it has just paid an annual dividend $($i$.$e$.,D0=5\mathrm{.}53).$ However, the company will announce today new investments that the market did not know about. It is expected that with these new investments, the dividends will grow at $2\mathrm{.}6\%$ forever. Assuming that the discount rate remains the same, what will be the price of the stock after the announcement? $($Round your answer to $2$ decimal places and record your answer without dollar sign or commas$).$

Your Answer:and record without dollar sign or commas$).$

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