3. (3pts) An investor owns a $1000 bond with 10% semiannual coupons. The bond will mature at par at the end of 10 years. The investor decides to exchange this bond for a 6% bond with semiannual coupons, maturing at par at the end of 8 years. If the yield rate is 8% convertible semiannually, find the par value of the 8-year bond. (Answer: $1285.72)