What is a fair price for a $1000 face value bond that pays a 3% semiannual coupon that matures in 4 years if I want a 5.5% rate of return on my investment?

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What is a fair price for a $1000 face value bond that pays a 3% semiannual coupon that
matures in 4 years if I want a 5.5% rate of return on my investment?
Transcribed Image Text:What is a fair price for a $1000 face value bond that pays a 3% semiannual coupon that matures in 4 years if I want a 5.5% rate of return on my investment?
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