Two years ago, Phutki Corp. issued a $1,000 par value, 11 percent (annual payment) coupon bond.

At the time the bond was issued it had 15 years to maturity. Currently this bond is selling for $1,000

in the bond market. Phutki Corp. is now planning to issue a $1,000 par value bond with a coupon rate

of 9 percent (semi-annual payments) that will mature 25 years from today. Assuming that the

riskiness of the new bond is the same as the previous bond (i.e., the YTM on the new bond is equal to

the current YTM on the previous bond), how much will investor's pay for this new bond?Round all dollar answers to 2 decimal places