1. Pierre Dupont just received a cash gift from his grandfather.He plans to inve

1. Pierre Dupont just received a cash gift from his grandfather.He plans to invest in a five-year bond issued by Venice Corp. thatpays an annual coupon of 5.69 percent. If the current market rateis 6.69 percent what is the maximum amount Pierre should bewilling to pay for this bond? (Round answer to 2 decimal placese.g. 15.25.)