Calculate the price of the following bond: FV = $1,000; coupon rate = 7 percent,
paid semi-annually; market rate = 4 percent; term to maturity = 9 years.(Round present value factor calculations to 5 decimal places, e.g. 1.25124 and final answer to 2 decimal places e.g. 1,289.71.)
What is the price of the bond?