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1. Consider a 10000 par value, 4 year bond bearing a 5% nominal semiannual coupon...

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1. Consider a 10000 par value, 4 year bond bearing a 5% nominal semiannual coupon rate. Coupons pay out every six-month period, starting six months after the bond is purchased. The bond is purchased for P and earns an annual rate of j compounded semiannually, and the bond redeems at par value. The value (i.e. outstanding balance of the amortization schedule) of the bond immediately after the 3 coupon is paid is equal to 9247.42. Find the purchase price P. Round your answer to the nearest whole number

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