Question: You are considering a 10-year, $1,000 par value bond. Its coupon rate is 11%, and interest is paid serniannually. If you require an effective annual

You are considering a 10-year, $1,000 par value bond. Its coupon

You are considering a 10-year, $1,000 par value bond. Its coupon rate is 11%, and interest is paid serniannually. If you require an effective" annual interest rate (not a nominal rate) of 8.16%, how much should you be willing to pay for the bond? Do not round Intermediate calculations, Round your answer to the nearest cent $

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