$($Bond valuation$)$ Bellingham bonds have an annual coupon rate of $12$ percent and a par value of $ $1$ comma $000$ and will mature in $30$ years. If you require a return of $13$percent$,$ what price would you be willing to pay for the$$ bond? What happens if you pay more for the$$ bond? What happens if you pay less for the$$ bond?

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Part $1$

a$.$ The price you would be willing to pay for the bond is $$$

$$

enter your response here. $($Round to the nearest$$ cent.$)$