Say that you work for a bank that has purchased a bond issued by Verizon....
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Say that you work for a bank that has purchased a bond issued by Verizon. The bond promises to make interest payments of \\( \\$ 400 \\) at the end of each year for the next six years. At the end of the sixth year, the bond also pays the \\( \\$ 15,000 \\) principal. If the discount rate is 7 percent, the present value of this stream of payments is \\( \\$ \\). (Round your answer to two decimal places.)
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