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Things Get Messi Enterprises is issuing new bonds for a capital budgeting project. The bonds...

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Finance

Things Get Messi Enterprises is issuing new bonds for a capital budgeting project. The bonds will have 25.00 year maturities with a coupon rate of 7.25% APR with semi-annual coupon payments (assume a face value of $1,000 on the bond). The current market rate for similar bonds is 5.82% APR. The company hopes to raise $59.00 million with the new issue.

Based on the current market rate, what will a new bond sell for?

Answer format: Currency: Round to: 2 decimal places.

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