Enterprise, Inc. bonds have an annual coupon rate of 11 percent. The interest is paid semiannually and the bonds mature in 8 years. Their par value is $1,000. If the market's required yield to maturity on a comparable-risk bond is 9 percent, what is the value of the bond? What is its value if the interest is paid annually and semiannually? (Round to the nearest cent and please show work.)