Question: KJM ' s bonds have a 4 . 0 % coupon rate, payable semiannually, and a par value of $ 1 , 0 0 0

KJM's bonds have a 4.0% coupon rate, payable semiannually, and a par value of $1,000. They mature exactly 10 years from today. The yield to maturity is 12%, so the bonds now sell below par. What is the price of KJM's bond? (Round to two decimal places.)

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