Example $6-4$ In Table $61,$ look at the T$-$note outstanding on Monday, May $23,2016($or a settlement date of Wednesday, May $24,2016),$ with a maturity on November $30,2017($i$.$e$.,$ they were $1\mathrm{.}52328767$ years from maturity$).$ The T$-$note had a coupon rate of $0\mathrm{.}625$ percent and an asked yield of $0\mathrm{.}853$ percent. Using the bond valuation formula, the asked price on the bond should be$?$

$=\frac{\frac{?}{\text{I}\text{N}\text{T}}}{m}[\frac{1-\frac{1}{(1+\frac{r_b}{m}{)}^{mN}}}{\frac{r_b}{m}}]+M[\frac{1}{(1+\frac{r_b}{m}{)}^{mN}}]$

where

$V_b=$ Present value of the bond

$M=$ Par or face value of the bond

$\frac{?}{\text{I}\text{N}\text{T}}=$ Annual interest $($or coupon$)$ payment on the bond equals the par value times the coupon rate

$N=$ Number of years until the bond matures

$m=$ Number of times per year interest is paid

$r_b=$ Interest rate used to discount cash flows on the bond