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​(Related to Checkpoint​ 9.3) ​(Bond valuation)  Calculate the value of a bond that matures in 16...

​(Related to Checkpoint​ 9.3) ​(Bond valuation)  Calculate the value of a bond that matures in 16 years and has a $ 1, 000 par value. The annual coupon interest rate is 16 percent and the​ market's required yield to maturity on a​ comparable-risk bond is 13 percent. The value of the bond is ​$ nothing. ​ (Round to the nearest​ cent.)

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