Cullumber, Inc., has outstanding bonds that will mature in six years and pay an $8$ percent coupon semiannually. If you paid $$993\mathrm{.}25$

today and your required rate of return was $7\mathrm{.}4$ percent. $($Round intermediate calculations to $5$ decimal places, e$.$g$.1\mathrm{.}25145$ and final answer

to $2$ decimal places, e$.$g$.15\mathrm{.}25.)$

Excel Template

$($Note: This template includes the problem statement as it appears in your textbook. The problem assigned to you here may have

different values. When using this template, copy the problem statement from this screen for easy reference to the values you've

been given here, and be sure to update any values that may have been pre$-$entered in the template based on the textbook version of

the problem.$)$

How much should you have paid for the bond?

Worth of the bond $

Did you pay the right price for the bond?