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Suppose you consider buying a bond promising to pay you $25 one year from now and then the same amount every year through the fifth year (that is, you should receive a total of five coupon payments)

Economics

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Suppose you consider buying a bond promising to pay you $25 one year from now and then the same amount every year through the fifth year (that is, you should receive a total of five coupon payments). At the time you receive your fifth payment, you will also receive the bond's face value of $3,000. Suppose the interest rate for a riskless bond is 5%. The most you would be willing to pay for this bond is $ Give your answer to two decimals.