A large corporation would like to borrow a large amount of money for its new expansion project. Instead of asking for a bank loan, it decided to borrow in the open market by selling a large number of corporate bonds. The price received from selling each bond becomes a "mini loan" that will then need to be repaid over a number of years.

And so the corporation has just issued 10 percent coupon bonds with $1,000 face value. These bonds will mature in 17 years, and until then they will be making semiannual payments to their holders. The yield to maturity on these bonds is 4 percent.

Given these bond characteristics, how much should each of these bonds be selling for in today's market?