BiggCity Bank has an outstanding bond with 7 years remaining…
BiggCity Bank has an outstanding bond with 7 years remaining until maturity and a face value of $1,000. The bond pays a 4.4% annual coupon, with interest paid semi-annually. If the current market yield is 4.5% annually (compounded semiannually), what is the bond’s current market price?Enter your answer with two decimal places.