A bond that matures in

16 years has a

$1,000 par value. The annual coupon interest rate is

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

18 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?

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

how much?

.

(Round to the nearest cent.)