Homework #4C (Value of the Bond Semi-Annually)
Question 1 (1 point)
General Mills has a $1,000 par value, 26-year to maturity bond outstanding with an annual coupon rate of 10.00 percent per year, paid semiannually. Market interest rates on similar bonds are 9.14 percent. Calculate the bond’s price today.
Round the answer to two decimal places.