(Related to Checkpoint 9.3) (Bond valuation)Calculate the value of a bond that matures in

17

years and has a

$1,000

par value. The annual coupon interest rate is

11

percent and the market's required yield to maturity on a comparable-risk bond is

9

percent.

Question content area bottom

Part 1

The value of the bond is

$enter your response here.

(Round to the nearest cent.)