Assume a company has an issue of 19-year $1,000 par value bonds that pay 4.5% interest, compounded annually. Further assume that today's required rate of return on these bonds is 6%. How much would these bonds sell for today? Round to two decimal places.

To answer the question:

(1) Describe and interpret the assumptions related to the problem.

(2) Apply the appropriate mathematical model to solve the problem.

(3) Calculate the correct solution to the problem.