Ten bonds are purchased for $8,856.11 and are kept for 5 years. The bond coupon rate is 9% per year, payable annually. Immediately following the owner's receipt of the last coupon payment, the owner...

Extracted text: Ten bonds are purchased for $8,856.11 and are kept for 5 years. The bond coupon rate is 9% per year, payable annually. Immediately following the owner's receipt of the last coupon payment, the owner sells each bond for $50 less than its par value (price discount). The owner will invest in the bonds if the effective annual yield is at least 11%. What is the face value of the the ten bonds?