Question: A $16,000, 6.7% bond redeemable at par is purchased 12.5 years before maturity to yield 6.2% compounded semi-annually. If the bond interest is payable semi-annually,

A $16,000, 6.7% bond redeemable at par is purchased 12.5 years

A $16,000, 6.7% bond redeemable at par is purchased 12.5 years before maturity to yield 6.2% compounded semi-annually. If the bond interest is payable semi-annually, what is the purchase price of the bond? The purchase price of the bond is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

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