With celebrity bonds, celebrity raise money by issuing bonds to
investors. The royalties from sales of music are used to pay interest and
principal on the bonds. The bond was issued with a coupon rate of 6.5% and will
mature on this day 34 years from now. The yield on the bond is currently 6.33%.
At what price should this bond trade today assuming face value of $1,000 and
annual coupons? The price of the bond today should be? (Round to nearest cent)