Answer :
The maximum price you should be willing to pay for the bond is $1,105.69.
What is a bond?
A bond could be a style of security employed in finance wherever the establishment (debtor) owes the holder (creditor) a debt and is needed, counting on the terms, to repay the bond's principal (i.e., the quantity borrowed) at the bond's maturity further as interest (referred to because the coupon) over a preset amount of your time. The interest is often due at preset intervals, such biyearly, annually, and fewer often at numerous times. A bond is thus a sort of loan or IOU. With the assistance of bonds, the receiver will finance semipermanent investments or, within the case of state bonds, current expenses.
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