$($Estimated time allowance: $7$ minutes$)$ Compute the bond price $($market price$)$ of the following corporate bond:

A $20-$year corporate bond that was issued $6$ years ago has an embedded cost of $10$ percent and had a yield to maturity of $10\%$ then. Today the yield to maturity $($YTM$)$ of this bond is $8\%.$ The tax rate is $20\%.$

For your answer, round to the nearest dollar $($do not enter decimals$)$; DO NOT USE commas to separate thousands; and do not use the dollar $($$$)$ sign. For example, if you obtain $$1,154\mathrm{.}93$ then enter $1155$; if you obtain $$896\mathrm{.}25$ then enter $896$ ; if you obtain $$900\mathrm{.}00$ then enter $900.$

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