Large corporations often need to borrow a large amount of money for, say, their expansion projects. Instead of asking for a bank loan, they can decide to borrow in the open market by selling a large number of corporate bonds. The price received from selling each bond becomes a "mini loan" that will then need to be repaid over a number of years. GIVEN: - The corporation issued 5 percent coupon bonds 3 years ago. - At that time they had 19 years to maturity. - The face value of each is $1,000. - They are making semiannual payments to their holders. - The yield to maturity on these bonds is 11 percent. Today, if you wanted to buy such bonds, how much would you be paying for each bond? Increase decimal places for any intermediate calculations, from the default 2 to 6 or higher. Only round yo decimal places: for example, 1,000.23. Do NOT use " \( \$ " \)quot; in your