Your broker offers to sell for $1,098 a AAA-rated bond with a coupon rate of 8 percent and a maturity of six years. Given that the interest rate on comparable debt is 6 percent, calculate the bond's price. Assume that the bond pays interest annually. Use Appendix B and Appendix D to answer the question. Round your answer to the nearest dollar.

Is your broker fairly pricing the bond?

Yes or No, so the bond should or should not be purchased.