### Valuing a Bond, A company issues a bond with semiannual interest payments of $45 for 10 years and a lump-sum repayment of the $1,000 face value of the bond after 10 years.

Valuing a Bond, A company issues a bond with semiannual interest payments of $45 for 10 years and a lump-sum repayment of the $1,000 face value of the bond after 10 years. If the bond market requires 10% interest compounded semiannually for the debt issued by the company, what is the market price (present value) of the bond?