Homework #4B (Value of the Bond annually)

Finance

Question 2 (1 point)

Fresh Water, Inc. sold an issue of 21-year $1,000 par value bonds to the public. The bonds have a 9.40 percent coupon rate and pay interest annually. The current market rate of interest on the Fresh Water, Inc. bonds is 9.58 percent. What is the current market price of the bonds?

Round the answer to two decimal places.