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QUESTION 4 Pureen Corp recently issued 2 million bonds. Each bond has a face value of $100 000. The bonds pay a coupon rate of

QUESTION 4
Pureen Corp recently issued 2 million bonds. Each bond has a face value of $100 000. The bonds pay a coupon rate of 7.4 % p.a., paid quarterly. When the bonds were issued, they had a maturity of 8.1 years and yield to maturity of 7.3% p.a. compounded quarterly. For what price was each bond sold when issued? Enter your answer to the nearest cent (two decimal places).

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