Question: Please provide detailed explanation, formula, and answer Even though most corporate bonds in Canada and the United States make coupon payments semiannually, bonds issued elsewhere

Please provide detailed explanation, formula, and answer

Even though most corporate bonds in Canada and the United States make coupon payments semiannually, bonds issued elsewhere often have annual coupon payments. Suppose a German company issues a bond with a par value of 1,000, 10 years to maturity, and a coupon rate of 7.6 percent paid annually. If the yield to maturity is 6.3 percent, what is the current price of the bond? (Do not round intermediate calculations. Round the final answer to 2 decimal places. Omit sign in your response.) Current price of the bond

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