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Denis purchased a $10,000 face value Ontario Hydro Energy bond maturing in seven years. The coupon rate was 8.2% payable semiannually. If the prevailing market

Denis purchased a $10,000 face value Ontario Hydro Energy bond maturing in seven years. The coupon rate was 8.2% payable semiannually. If the prevailing market rate at the time of purchase was 7.5% compounded semiannually, what price did Denis pay for the bond? (Do not round the intermediate calculations. Round your final answer to 2 decimal places.) 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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