Gurgle wishes to fund their ever-growing company by issuing bonds with a face value of $100 and

Fantastic news! We've Found the answer you've been seeking!

Question:

Gurgle wishes to fund their ever-growing company by issuing bonds with a face value of $100 and an effective semi-annual coupon rate of 1% which are to be redeemed at par in 8 years. The company claims that the prices on these bonds are calculated at a yield of 6% pa compounded semi-annually. Calculate the price of each bond (P). Give your answer in dollars and cents to the nearest cent.