Problem $7-3$ Valuing Bonds $[$LO$2]$

Even though most corporate bonds in 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 $1,000,25$ years to maturity, and a

coupon rate of $6\mathrm{.}3$ percent paid annually. If the yield to maturity is $7\mathrm{.}4$ percent, what is

the current price of the bond? $($Do not round intermediate calculations and round your

answer to $2$ decimal places, e$.$g$.,32\mathrm{.}16.)$