Question: Reconsider the example above, where you are contemplating the purchase of the coupon bond with a face value of $1,000, which matures in 23 years,

Reconsider the example above, where you are contemplating the purchase of the coupon bond with a face value of $1,000, which matures in 23 years, and pays 5.15% (annual) coupons. Now, if you require a return of 5.75% on this instrument, how much would you offer to pay for it today? [Present the answer rounded to two decimal places, e.g. 1045.16]

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