$($Bond valuation$)$Calculate the value of a bond that matures in $19$ years and 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 $16$ percent.

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Part $1$

The value of the bond is $$$

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