Paul White just received a cash gift from his grandfather. He plans to invest in a five$-$year bond issued by Crane Corp. that pays an

annual coupon rate of $6\mathrm{.}0$ percent. If the current market rate is $8\mathrm{.}50$ percent, what is the maximum amount Paul should be willing to

pay for this bond? Assume face value is $$1,000.($Round answer to $2$ decimal places, e$.$g$.15\mathrm{.}25.)$

Paul should pay

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