University Corp. issued five-year bonds that pay a coupon of 6.5 percent semiannually. The current market rate

Question:

University Corp. issued five-year bonds that pay a of 6.5 percent semiannually. The current market rate for similar bonds is 5.5 percent. How much will you be willing to pay for University's bond today? Round to the nearest dollar.
Coupon
A coupon or coupon payment is the annual interest rate paid on a bond, expressed as a percentage of the face value and paid from issue date until maturity. Coupons are usually referred to in terms of the coupon rate (the sum of coupons paid in a...