Consider a corporation who recently filed Chapter 11 bankruptcy (reorganization). Under the reorganization, the company has been allowed to reorganize their debt structure with a consolidated new deferral bond issue with more favorable terms. The new issue will be a 38-year, 9% coupon rate bond with semiannual coupons. However, under the bond indenture, the company is relieved of making interest payments (deferred interest) for the first 7 years. The reorganization calls for the deferred interest to be paid in a single payment at maturity. Investors are demanding a yield to maturity of 9%. What is the value of a new $1,000 par value bond