The Florida Investment Fund buys $54$ bonds of the Gator Corporation through a broker. The bonds pay $8$ percent annual interest. The yield to maturity $($market rate of interest$)$ is $10$ percent. The bonds have a $15-$year maturity. Use Appendix B and Appendix D for an approximate answer but calculate your final answer using the formula and financial calculator methods.

Using an assumption of semiannual interest payments: