Question: Union Local School District has a bond outstanding with a coupon rate of 2.8 percent paid semiannually and 25 years to maturity. The yield to

Union Local School District has a bond outstanding with a coupon rate of 2.8 percent paid semiannually and 25 years to maturity. The yield to maturity on this bond is 3.3 percent, and the bond has a par value of $5,000.

What is the price of the bond? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

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