With economics problems of this sort, you have to be careful to deal with the periods over which interest is compounded. In this case you know the bond is for 7 years, but it's probably compounded monthly and not annually. This is why I used this value formula:
FV = PV (1 + (i/12))^12n
i = interest rate (annual)
n = interest periods, years
And you notice those 12s in the formula change years to months for compounding interest.
So anyway. Stick the numbers in there and solve for present value PV and get $15440. Cheers!