A $7311 bond bearing interest at 6% payable semi- annually matures in 5 years. If it is bought to yield 7% compounded semi-annually, what is the purchase price of the bond? Enter your answer to the nearest dollar. Do not enter the $sign. Sample input: 24877

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Bond Valuation

Bond valuation are the notes issued by the corporation to raise long-term funds for the business. The corporations are required to pay the interest on such liabilities at a specified rate of interest (termed as coupon rate) at specified dates which may be on semi-annual or annual basis. These interest payments may be in the form of coupons.