Question: Valuing Bonds [LO2] Union Local School District has a bond outstanding with a coupon rate of 2.8 percent paid semiannually and 16 years to maturity.

Valuing Bonds [LO2] Union Local School District has a bond outstanding with a coupon rate of 2.8 percent paid semiannually and 16 years to maturity. The yield to maturity on this bond is 3.4 percent, and the bond has a par value of $5,000. What is the price of the bond? I would also like to have the details on how to get to the answer.

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