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Calculate the price of the bond now

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Reference no: EM131984146

Several years ago, Castles in the Sand Inc. issued bonds at face value of $1,000 at a yield to maturity of 6.4%.

Now, with 6 years left until the maturity of the bonds, the company has run into hard times and the yield to maturity on the bonds has increased to 12%.

What is the price of the bond now? (Assume semiannual coupon payments.) (Do not round intermediate calculations. Round your answer to 2 decimal places.)

Reference no: EM131984146

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