Question: A bond that pays 9% Interest compounded annually on a $1,000 face value will mature in 16 years. The interest rate is now 11%. What

A bond that pays 9% Interest compounded annually on a $1,000 face value will mature in 16 years. The interest rate is now 11%. What should the bond's market price be? Do not round Intermediate calculations. Round PVFA and PVF values in intermediate calculations to four decimal places. Round your answer to the nearest cent

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