Today is 1 July 2019. Sanjay plan to purchase a corporate bond with a coupon rateofj2= 3.6% p.a. and face value of 1000

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Today is 1 July 2019. Sanjay plan to purchase a corporate bond
with a coupon rateofj2= 3.6% p.a. and face value of 1000 today.
This corporate bond matures at par.The maturity date is 1 January
2025. The yield rate is assumed to bej2= 3.5% p.a.Assume that this
corporate bond has a 4.5% chance of default in the first six-month
period (i.e., from 1 July 2019 to 31 December 2019), a 4% chance of
default in thesecond six-month period (i.e., from 1 January 2019 to
30 June 2020) and has a 3.5%chance of default in any six-month
period during the rest of term of the bond (i.e.,from 1 July 2020
to 1 January 2025). Further assume that, if default occurs,
Sanjaywill receive no further payments at all. Calculate the
purchase price for 1 unit ofthis corporate bond. Round your answer
to three decimal places.