If Pantheon Capital, S.A. is raising funds via a euro-medium-term note with the following characteristics, how much in dollars will Pantheon receive for each

$1,000

note sold?

Coupon rate:

66%

payable semiannually on June 30 and December 31

Date of issuance: February 28, 2011

Maturity: December 31, 2013

Note:

the present value of the cash flows is essentially the face value of the note and that any difference is due to intermediate rounding.

The value of a note is the total present value of all its future cash flows discounted at the firm's cost of capital. The value of the curo-medium-term note can be calculated in the following table: (Round the cash flows to the nearest cent and the disoount factor to four decimal palces.) Days Since Cumulative PreviousDays Payment Date from Start Cash DiscountDiscounted Flows Factor Cash Payment (Payment Date) First Coupon (30 June 2011) Second Coupon (31 December 2011) Third Coupon (30 June 2012) Fourth Coupon (31 December 2012) Cash Flows 122 180 180 180 122 S 302 482 $ 662