Tim Dimby calls his broker to discuss the possibility of purchasing a bond and L\&O manufacturing. His broker quotes a price of $1,180. Tim is concerned that the bond may be overpriced based on the facts involved. The $1,000 par value bond pays 14% interest, and it has 25 years remaining until maturity. The current yield on similar bonds is 12%. Compute the new price of the bond and comment on whether you think it is overpriced in the marketplace