Colton Corporation's semiannual bonds have a 12-year maturity, an 7.50% nominal coupon pald semiannually, and sell at their $1,000 par value. The firm's 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 what price should the annualment bonds sell? Hint: Calculate the EFF% for the semiannual bond's coupon rate, and then use it as the YTM for the annual payment bond, Recall that EFFX - [1 (Nominal Rate ir - 1