On January 1, 2012, Twomey Company purchased thirty $1,000 held-to-maturity bonds of another company. The bonds mature in four years from the date of issuance and pay interest at a stated annual rate of 8%, with payments to be made quarterly on March 31, June 30, September 30, and December 31. The market rate on bonds of similar risk is 12%. Compute the present value of this investment.