work #$4$B $($Value of the Bond annually$)$

Page $2$ of $2$

This set of problems is designed to be calculated using the Excel or financial calculator. Do not use financial tables to calculate these problems.

Question $2(1$ point$)$

Fresh Water, Inc. sold an issue of $23-$ year $$1,000$ par value bonds to the public. The bonds have a $8\mathrm{.}55$ percent coupon rate and pay interest annually. The current market rate of interest on the Fresh Water, Inc. bonds is $11\mathrm{.}50$ percent. What is the current market price of the bonds?

Round the answer to two decimal places.