You are considering a 20-year, $1,000 par value bond. Its coupon rate is 10%, and interest is paid semiannually. The data has been collected in the Microsoft Excel Online file below. Open the spreadsheet and perform the required analysis to answer the question below.

Open spreadsheet

If you require an "effective" annual interest rate (not a nominal rate) of 10.99%, how much should you be willing to pay for the bond? Do not round intermediate steps. Round your answer to the nearest cent.

View File Insert Draw Page Layout Formulas . Data Review Home Arial B Av .. . Ev ab B10 fx A B C D E F Bond valuation Years to maturity 20 4 Par value of bond $1,000.00 Coupon rate 10.00% 6 Frequency interest paid per year 2 Effective annual rate 10.99% 9 Calculation of periodic rate: Formulas 10 Nominal annual rate #N/A 11. Periodic rate #N/A 12 13 Calculation of bond price: Formulas 14 Number of periods #N/A 15 Interest rate per period 0.00% 16 Coupon payment per period #N/A 17 Par value of bond $1,000.00 18 Price of bond #N/A 19 20 21 23 Sheetl + Calculation Mode: Automatic Workbook Statistics Type here to search O Eli