Cheek My Work (a remaining) eBook Problem 7-16 Bond valuation You are considering a 20-year $1,000 parvalue bond. Its coupon rate is 11%, and interest is paid semiannually. If you require an "effective" annual interest rate (not a nominal rate) of 7.38%, how much should you be willing to pay for the bond? Do not round intermediate steps. Round your answer to the nearest cent Check My Work (1 remaining) 0 Icon Key