You are considering a $20-$year, $$1,000$ par value bond. Its coupon rate is $10\%,$ and interest is paid semiannually. If you require an "effective" annual interest rate $($not a nominal rate$)$ of $10\mathrm{.}5045\%,$ how much should you be willing to pay for the bond? Do not round intermediate calculations. Round your answer to the nearest cent.

$ $$

$$

Continue without saving