ork #$4$C $($Value of the Bond Semi$-$Annually$)$

Page $2$ of $3$

This set of problems is designed to be calculated using the Excel or financial calculator. Do not use financial tables to calculate these problems.

Question $2(1$ point$)$

Pet Food Company bonds pay an annual coupon rate of $12\mathrm{.}43$ percent. Coupon payments are paid semiannually. Bonds have $10$ years to maturity and par value of $$1,000.$ Compute the value of Pet Food Company bonds if the market interest rate on this type of bond is $12\mathrm{.}32$ percent.

Round the answer to two decimal places