An investor purchased a newly issued bond with a maturity of 10 years 200 days ago. The bond carries a coupon rate of 8 percent paid semiannually and has a face value of $1,000. The price of the bond with accrued interest is currently $1,147. The investor plans to sell the bond 2 years from now. The schedule of coupon payments over the first few years, from the date of purchase, is as follows:

Coupon Days after Amount ($)

First 181 40

Second 365 40

Third 547 40

Fourth 730 40

Fifth 911 40

Sixth 1095 40

Calculate the no-arbitrage price at which the investor should enter the forward contract. Let the risk-free rate be 4.5%.