Jim Busby calls his broker to inquire about purchasing a bond of Disk Storage Systems. His broker quotes a price of $1,170. Jim is concerned that the bond might be overpriced based on the facts involved. The $1,000 par value bond pays 15 percent interest, and it has 18 years remaining until maturity. The current yield to maturity on similar bonds is 13 percent. a. Calculate the present value of the bond. (Do not round intermediate calculations. Round your final answer to 2 decimal places. Assume interest payments are annual.) b. Do you think the bond is overpriced?