You have been offered a bond with 11 percent coupon paid semiannually (every six months). The bond will mature in 5 years and it has a face value of $1,000. If the yield to maturity of the bond is 9% per year, what is the price of the bond?

Years (t)	Coupon Payments	Face Value	Present Value Calculations	Duration calculation
1	$55
2	$55
3	$55
4	$55
5	$55
6	$55
7	$55
8	$55
9	$55
10	$55	$1,000