A twenty-year par-value bond has 12% annual coupons and a par-value of $4,000. Coupons can be reinvested at a nominal interest rate of 4% convertible semiannually. P is the highest price that an...

Extracted text: A twenty-year par-value bond has 12% annual coupons and a par-value of $4,000. Coupons can be reinvested at a nominal interest rate of 4% convertible semiannually. P is the highest price that an investor, who reinvests each of the coupons, can pay for the bond and obtain an effective yield rate of at least 9%. Find P. (Round your answer to the nearest cent.) P = $