A bond that matures in

14

years has a

$1,000

par value. The annual coupon interest rate is

12

percent and the market's required yield to maturity on a comparable-risk bond is

14

percent. What would be the value of this bond if it paid interest annually? What would be the value of this bond if it paid interest semiannually?

Question content area bottom

Part 1

a.The value of this bond if it paid interest annually would be

$enter your response here.

(Round to the nearest cent.)