Potter Industries has a bond issue outstanding with an annual coupon of 6% and a 10-year maturity. The par value of the bond is $1,000. If the going annual interest rate is 8%, what is the value of the bond? Do not round intermediate calculations. Round your answer to the nearest cent.

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Quantitative Problem: Potter Industries has a bond issue outstanding with a 6% coupon rate with semiannual payments of $30, and a 10-year maturity. The par value of the bond is $1,000. If the going annual interest rate is 8%, what is the value of the bond? Do not round intermediate calculations. Round your answer to the nearest cent.

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