#$4$B $($Value of the Bond annually$)$

Page $1$ of $2$

This set of problems is designed to be calculated using the Excel or financial calculator. Do not use financial tables to calculate these problems.

Question $1(1$ point$)$

What is the value of a bond that has a par value of $$1,000,$ a coupon rate of $9\mathrm{.}45$ percent $($paid annually$),$ and that matures in $29$ years? Assume a required rate of return on this bond is $12\mathrm{.}51$ percent.

Round the answer to two decimal places.