This set of problems is designed to be calculated using the Excel or financial calculator. Do not use financial tables to calculate these problems. Do not use algebraic formulas to calculate these problems.
Bright Sun, Inc. sold an issue of 30-year $1,000 par value bonds to the public. The bonds had a 12.65 percent coupon rate and paid interest annually. It is now 12 years later. The current market rate of interest on the Bright Sun bonds is 8.96 percent. What is the current market price (intrinsic value) of the bonds?
Round the answer to two decimal places.