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Last month Jim purchased $9,800 of U.S. Treasury bonds (their face value was $9,800). These...

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Accounting

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Last month Jim purchased $9,800 of U.S. Treasury bonds (their face value was $9,800). These bonds have a 35-year maturity period, and they pay 1.5% interest every three months (.e., the APR is 6%, and Jim receives a check for $147 every three months). But interest rates for similar securities have since risen to a 11% APR because of interest rate increases by the Federal Reserve Board. In view of the interest-rate increase to 11%, what is the current value of Jim's bonds? The current value of Jim's bonds is (Round to the nearest dollar)

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