Ryan is considering acquiring a couple of Citigroup bonds,which were initially offered with a face value of $1000, a coupon rate of 11% per year (paid semiannually), and a maturity of 14 years. However, these bonds already paid 4 coupons and Ryan is planning to buy them now, right before the next coupon payment (hence coupon received at Johns time zero).Find the pure price of each Citigroup bond if the current market interest rate for similar financial assets is 7% per year (compounded semiannually).