Jim Busby calls his broker to inquire about purchasing a bond of Disk Storage Systems. His broker quotes a price of $1,1

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Jim Busby calls his broker to inquire about purchasing a bond of
Disk Storage Systems. His broker quotes a price of $1,180. Jim is
concerned that the bond might be overpriced based on the facts
involved. The $1,000 par value bond pays 10 percent interest, and
it has 19 years remaining until maturity. The current yield to
maturity on similar bonds is 8 percent.
a. Calculate the present value of the
bond. Use Appendix B and Appendix D for an
approximate answer but calculate your final answer using the
formula and financial calculator methods. (Do not
round intermediate calculations. Round your final answer to 2
decimal places. Assume interest payments are annual.)