Problem $7-23$ Compute Bond Price $($LG$7-4)$

Calculate the price of a $6\mathrm{.}5$ percent coupon bond with $16$ years left to maturity and a market interest rate of $5\mathrm{.}4$ percent. $($Assume interest payments are semiannual.$)($Do not round intermediate calculations. Round your final answer to $2$ decimal places.$)$

Bond price

Is this a discount or premium bond?

premium bond

discount bond