Ron Rhodes calls his broker to inquire about purchasing a bond of Golden Years Recreation Corporation. His broker quotes a price of $$1,100.$ Ron is concerned that the bond might be overpriced based on the facts involved. The $$1,000$ par value bond pays $10$ percent annual interest payable semiannually, and has $15$ years remaining until maturity. The current yield to maturity on similar bonds is $8$ percent.

a$.$ Compute the new price of the bond.