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Colton corporations semiannual bonds has a 12-year maturity, an 8.10% nominal coupon paid semiannually, and sell at their $1,000 par value. The firms annual bonds

Colton corporations semiannual bonds has a 12-year maturity, an 8.10% nominal coupon paid semiannually, and sell at their $1,000 par value. The firms annual bonds have the same risk, maturity, nominal interest rate, and par value, but these bonds pay interest annually. Neither bond is callable. To provide the same effective annual yield (EFF%), at which price should the annual payment bond sell

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