You are considering a 20-year, $1,000 par value bond. Its coupon rate is 8%, 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 8.89%, how much should you be willing to pay for the bond? Do not round intermediate steps. Round your answer to the nearest cent.

Excel template - Saved v Search (Option + Q) File Home Insert Draw Page Layout Formulas Data > @v 10 B nov Av. Percentage ... B10 fx B D E F DUTTU valuaLIUIT NMOON 0009 20 $1,000.00 8.00% 2 8.89% Formulas #N/A #N/A A 1 2 Years to maturity 4 Par value of bond 5 Coupon rate 6 Frequency interest paid per year 7 Effective annual rate 8 Calculation of periodic rate: 10 Nominal annual rate 11 Periodic rate 12 13 Calculation of bond price: 14 Number of periods 15 Interest rate per period 16 Coupon payment per period 17 Par value of bond 18 Price of bond 19 20 21 22 23 24 25 26 27 Formulas #N/A 0.00% #N/A $1,000.00 #N/A