Most corporate bonds in the United States make semiannual coupon payments, but some corporate bonds have annual coupon payments

Finance Oct 27, 2020

Most corporate bonds in the United States make semiannual coupon payments, but some corporate bonds have annual coupon payments. Suppose a company issues a bond with a par value of $1,000, 17 years to maturity, and a coupon rate of 4 percent paid annually. If the yield to maturity is 6.5 percent, what is the current price of the bond? Enter your answer as dollars with 2 digits to the right of the decimal point in the box shown below.

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