Question: A highly rated corporate bond with 7 years left until maturity was recently quoted as selling for 97.5. The bond's par value is $1,000, and

A highly rated corporate bond with 7 years left until maturity was recently quoted as selling for 97.5. The bond's par value is $1,000, and its initial interest rate was 2.5 percent. If this bond pays interest every 6 months, and it has been 4 months since interest was last paid, how much would you be required to pay for the bond?

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