Calculate the value of a bond that matures in 16 years and has a $1,000 par value. The annual coupon interest rate is 14 percent and the market's required yield to maturity on a comparable-risk bond...

Calculate the value of a bond that matures in 16 years and has a $1,000 par value. The annual coupon interest rate is 14 percent and the market's required yield to maturity on a comparable-risk bond is 9 percent.

The value of the bond is $___. (Round to the nearest cent)