James has $1,200 to invest. He wants to buy a bond issued by Marks Ltd. The bond has a face value of $1,000 and a coupon rate of 7.5% p.a., which are paid semi-annually. The bond has 10 years to maturity and 6.5% p.a. yield, compounded semi-annually. Calculate the price of the bond and explain if James would be able to buy this bond. (Show answer correct to the nearer cent.)