Question: Problem 7 - 6 Bond Prices [ LO 2 ] Elkus Company issued 1 1 - year bonds a year ago at a coupon rate

Problem 7-6 Bond Prices [LO2]
Elkus Company issued 11-year bonds a year ago at a coupon rate of 8.9 percent. The bonds make semiannual payments and have a par value of $1,000. If the YTM on these bonds is 7.2 percent, what is the current bond price in dollars?
Note: Do not round intermediate calculations and round your answer to 2 decimal places, e.g.,32.16.

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