You are considering a 20-year, $1,000 par value bond. Its coupon rate is 9%, and interest is paid semiannually.

If you require an "effective" annual interest rate (not nominal rate) of 9.36%, how much should you be willing to pay for the bond? Do not round intermediate steps. Round the answer to the nearest cent.

$_____

Bond valuation \begin{tabular}{lr} Years to maturity & 20 \\ Par value of bond & $1,000.00 \\ Coupon rate & 9.00% \\ Frequency interest paid per year & 2 \\ Effective annual rate & 9.36% \end{tabular} Calculation of periodic rate: Nominal annual rate Periodic rate Calculation of bond price: Number of periods Interest rate per period Coupon payment per period Par value of bond 0.00% Price of bond $1,000.00