Nanotech, Inc., has a bond issue maturing in seven years that ispaying a coupon rate of 8.46 percent (semiannual payments).Management wants to retire a portion of the issue by buying thesecurities in the open market. If it can refinance at 10.82percent, how much will Nanotech pay to buy back its currentoutstanding bonds? (Round intermediate calculations to 4 decimalplaces, e.g. 1.2514 and final answer to 2 decimal places, e.g.15.25.)
Nanotech will pay $......
