The 25-year A-rated bonds of Polly Cracker Company were initially issued at a 13 percent yield (paid semiannually). After 10 years, the bonds have been upgraded to AA. Such bonds are currently yielding 10 percent (semiannual compounding).
Determine the price of a Polly Cracker bond. (Use a Financial calculator to arrive at the answer. Round the final answer to 2 decimal places.)