Cox Media Corporation pays a $9$ percent coupon rate on debentures that are due in $15$ years. The current yield to maturity on bonds of similar risk is $6$ percent. The bonds are currently callable at $$1,220.$ The theoretical value of the bonds will be equal to the present value of the expected cash flow from the bonds. Use Appendix B and Appendix D for an approximate answer but calculate your final answer using the formula and financial calculator methods.