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Media Bias Inc. issued bonds 10 years ago at $1,000 per bond.These bonds had a 40-year life when issued and the annual interestpayment was then 13 percent. This return was in line with therequired returns by bondholders at that point in time as describedbelow: Real rate of return 3 % Inflation premium 5 Risk premium 5Total return 13 % Assume that 10 years later, due to goodpublicity, the risk premium is now 2 percent and is appropriatelyreflected in the required return (or yield to maturity) of thebonds. The bonds have 30 years remaining until maturity. Computethe new price of the bond. Use Appendix B and Appendix D for anapproximate answer but calculate your final answer using theformula and financial calculator methods. (Do not roundintermediate calculations. Round your final answer to 2 decimalplaces. Assume interest payments are annual.)