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7. Consider a corporation who recently filed Chapter 11 bankruptcy (reorganization). Under the reorganization, the company has been allowed to reorganize their debt structure with a consolidated new deferral bond issue with more favorable terms. The new issue will be a 25-year, 11% coupon rate bond with semiannual coupons. However, under the bond indenture, the company is relieved of making interest payments (deferred interest) for the first 6 years. The reorganization calls for the deferred interest to be paid in a single payment at maturity. Investors are demanding a yield to maturity of 9%. What is the value of a new $1,000 par value bond? Answer: 769.17