eBook

You are considering a $15-$year, $$1,000$ par value bond. Its coupon rate is $10\%,$ and interest is paid semiannually. If you require an "effective" annual interest rate $($not a nominal

rate$)$ of $8\mathrm{.}16\%,$ how much should you be willing to pay for the bond? Do not round intermediate calculations. Round your answer to the nearest cent.

$