Ron Rhodes calls his broker to inquire about purchasing a bond of Golden Years Recreation Corporations. His broker quotes a price of $1, 200. Ron is concerned that the bond might be overpriced based on the facts involved. The $1000 par value bond pays 11 percent annual interest payable semiannually , and has 20 years remaining until maturity. The current yield of maturity on similar bonds is 10 percent. Compute the new piece of bond.