Determine the selling price of a 15-year, 4.725% bond, with $1000 maturity value, with a yield of 4.735%. (Assume twice-yearly interest payments. Round your answer to the nearest cent.)

r = APR / 2 = 4.725 / 2 = 2.3625 % Semi

annual rate = 0.02363.
n= 15 yr * 2 comp / yr=30comp.periods.


Pt = Po (r + 1)^n = 1000,
Po (1.02363)^30 = 1000,
Po * 2.01477 = 1000,
Po = 1000 / 2.01477 = 496.33 = selling
price.