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You plan to invest in Fixed income so you have decided that Corporate Bonds are appropriate for your investment needs. You find a bond that

You plan to invest in Fixed income so you have decided that Corporate Bonds are appropriate for your investment needs. You find a bond that that matures in 10 years but can be called in 5 years. The Yield to Call equals 8.62% and coupon payments are 8.5%. Par value equals $1,000. Hint: If called, the holder receives Par plus a year of coupon payments. What is the most you should be willing to pay for each Bond? Enter your answer to the nearest penny.
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