Heather Smith is considering a bond investment in Locklear Airlines. The $$1,000$ par value bonds have a quoted annual interest rate of $11$ percent and the interest is paid semiannually. The yield to maturity on the bonds is $14$ percent annual interest. There are $10$ years to maturity.

Compute the price of the bonds based on semiannual analysis. Use Appendix B and Appendix D for an approximate answer but calculate your final answer using the formula and financial calculator methods.

Note: Do not round intermediate calculations. Round your final answer to $2$ decimal places.