Your firm has a credit rating of A. You notice that the credit spread for five-year maturity A debt is 87 basis points (0.87%). Your firm's five-year debt has a coupon rate of 6.5% with semi-annual coupons. You see that new five-year Treasury notes are being issued at par with a coupon rate of 2.1%. What should be the price of your outstanding five-year bonds per $100 face value.

Part 1

The price of the bond is:

(Round to the nearest cent.)