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Pia Cloe is considering a bond investment in the Miette Music Company. The $1.000 bonds have a quoted annual interest rate of 11 percent, and

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Pia Cloe is considering a bond investment in the Miette Music Company. The $1.000 bonds have a quoted annual interest rate of 11 percent, and the interest is paid semiannually. The yield to maturity on the bonds is 8 percent annually. There are 10 years to maturity, Compute the price of the bonds. (Use a Financial calculator to arrive at the answers, Do not round intermediate calculation. Round the final answer to 2 decimal places.) Price of the bonds

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