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Suppose that, several years ago, the Canadian government issued three very similar bonds; each has a $1,000 face value and a 9 percent coupon rate

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Suppose that, several years ago, the Canadian government issued three very similar bonds; each has a $1,000 face value and a 9 percent coupon rate and will mature in 6 years. The only difference between the bonds is the frequency of the coupon payments. Assume the market yield is now 6.5 percent. Determine the price of the bond that pays coupons monthly. (Round present value foctor caiculations to 5 decimal ploces, eg. 1.25124 and final answer to 2 decimal ploces, e.8. 1564.25. Round intermediate calculations to 6 decimal ploces, eg. 1.251246.)

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