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Today is 1 July, 2022, Georg plans to purchase a corporate bond with a coupon rate of j2=6.84% p.a. and a face value of $100.

Today is 1 July, 2022, Georg plans to purchase a corporate bond with a coupon rate of j2=6.84% p.a. and a face value of $100. This corporate bond matures at par. Its maturity date is 1 January, 2025. The yield rate is assumed to be j2= 1.1% p.a. Assume that this corporate bond has a 13% chance of default in any six-month period during its term. Assume, also, that, if default occurs, Georg will receive no further payments at all. Calculate Georg's purchase price. Round your answer to three decimal places.

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