Proctor and Gamble’s total amount of debt increased from 31.9% in March 2011 to 34.2% in December 2011, mainly due to its net debt issuances to fund general corporate purposes. What was the annual cost of the funds raised from the $1.0 billion bonds that mature in 2014 to P&G? 0.70 basis points. If the bond sold at $100.10 at the time of issue, investors' required annual yield would be 0.73% . Looking at the comparable U. S. Treasury yield, these bonds were issued at a spread of basis points. Because the coupon rate is the yield required by the market, the bond sold at at the time of issue. If the new observed yield of the bond is 1.3%, the bond is likely to be trading at a price of $ . (Note: Round your answer to two decimal places.)