Heather Smith is considering a bond investment in Locklear Airlines. The $1,000 par value bonds have a quoted annual interest rate of 11 percent and the interest is paid semiannually. The yield to maturity on the bonds is 14 percent annual interest. There are 9 years to maturity.

Compute the price of the bonds based on semiannual analysis. Use Appendix B and Appendix D for an approximate answer but calculate your final answer using the formula and financial calculator methods. (Do not round intermediate calculations. Round your final answer to 2 decimal places.)

eather Smith is considering a bond vestment in Locklear Airlines. The 1,000 par value bonds have a quoted anual interest rate of 11 percent and je interest is paid semiannually. The eld to maturity on the bonds is 14 ercent annual interest. There are 9 ears to maturity. ompute the price of the bonds based in semiannual analysis. Use Appendix and Appendix D for an approximate aswer but calculate your final answer sing the formula and financial alculator methods. (Do not round itermediate calculations. Round your nal answer to 2 decimal places.) Bond price