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A $22,000, 7.8% bond redeemable at par is purchased 12years before maturity to yield 9.6% compounded semi-annually. If the bond interest is payable semi-annually, what

A $22,000, 7.8% bond redeemable at par is purchased 12years before maturity to yield 9.6% compounded semi-annually. If the bond interest is payable semi-annually, what is the purchase price of the bond?

The purchase price of the bond is

(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

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