The value of the bond is $$.($Round to the nearest cent.$)$

(Related to Checkpoint 9.3) (Bond valuation) Calculate the value of a bond that matures in 13 years and has a $1,000 par value. The annual coupon interest rate is 13 percent and the markets required yield to maturity on a comparable-risk bond is 11 percent. The value of the bond is (Round to the nearest cent)