Denver is a growing city. To fund the citys growth, they are selling bonds with a 20-year life with a coupon of 6% which will be paid annually. At the end of the 20 years, you will also receive the face value of the bond ($1,000). You have an opportunity to buy the bonds at original issue (e.g., full 20-year life). Assuming you require a 9% rate of return, how much should you pay for the bond (i.e., how much is it worth)? (Must show work).