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Colton Corporation's semiannual bonds have a 12-year maturity, an 8.10% nominal coupon paid semiannually, and sell at their $1,000 par value. The firm's annual bonds

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Colton Corporation's semiannual bonds have a 12-year maturity, an 8.10% nominal coupon paid 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 annual payment 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 EFF% = (1 + (Nominal Rate )]" - 1 Your answer should be between 980.00 and 1020.00, rounded to 2 decimal places, with no special characters. Note that the annual payment bond must sell for less than par since it receives the same cash flow, but not as quickly

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