Question: 9. Problem 7-16: Bond valuation You are considering a 10-year, $1,000 par value bond. Its coupon rate is 8%, and interest is paid semiannually. If

9. Problem 7-16: Bond valuation You are considering a 10-year, $1,000 par value bond. Its coupon rate is 8%, and interest is paid semiannually. If you require an "effective" annual interest rate (not a nominal rate) of 9.05%, how much should you be willing to pay for the bond? Calculate with at least four decimal places and round your answer to two decimal places.

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