$($Bond valuation$)$ Enterprise, Inc. bonds have an annual coupon rate of $11$ percent. The interest is paid

semiannually and the bonds mature in $14$ years. Their par value is $$1,000.$ If the market's required yield to

maturity on a comparable$-$risk bond is $15$ percent, what is the value of the bond? What is its value if the

interest is paid annually?

a$.$ The value of the Enterprise bonds if the interest is paid semiannually is $

$($Round to the nearest ce

nt$.)$