why it is equal to 1155.36

and how to use financial calculator to solve it

10-1 Ron Rhodes calls his broker to inquire about purchasing a bond of Golden Years Recreation Corporation. His broker quotes a price of $1,170. Ron is concerned that the bond might be overpriced based on the facts involved. The $1,000 par value bond pays 13 percent annual interest payable semiannually has 18 years remaining until maturity. The current yield to maturity on similar bonds is 11 percent. a. Compute the new price of the bond. (Use a Financial calculator to arrive at the answers. Do not round intermediate calculations. Round the final answer to 2 decimal places.) New price of the bond 1,155.36 $