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Calculate the purchase price of the $1,000 face value bond using the information given below. ( Do not round the intermediate calculations. Round your final
Calculate the purchase price of the $1,000 face value bond using the information given below. (Do not round the intermediate calculations. Round your final answer to 2 decimal places.)
| Issue date | Maturity date | Purchase date | Coupon rate (%) | Market rate (%) |
| Dec 15, 1992 | Dec 15, 2027 | June 15, 2008 | 5.05 | 6.5 |
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.
Bond price $
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