Question

Union Local School District has bonds outstanding with a coupon rate of 3.6 percent paid semiannually and 17 years to maturity. The yield to maturity on these bonds is 3.9 percent and the bonds have a par value of $5,000. What is the price of the bonds? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

Answer 1