Hamilton, Inc. bonds have a coupon rate of 11 percent. The interest is paid semiannually, and the bonds mature in 5 years. Their par value is $1,000. If your required rate of return is 8 percent, what is the value of the bond? What is the value if the interest is paid annually?

1a if the interest is paid semiannually, the value of the bond is $_______. (Round to the nearest cent.)

1b. If the interest is paid annually, the value of the bond is $_______ (Round to the nearest cent.)