$($CHAPTER $7)$

A large corporation would like to borrow a large amount of money for its new expansion project. Instead of asking for a bank loan, it decided to borrow in the open market by selling a large number of corporate bonds. The price received from selling each bond becomes a "mini loan" that will then need to be repaid over a number of years.

And so the corporation has just issued $7$ percent coupon bonds with $$1,000$ face value. These bonds will mature in $12$ years, and until then they will be making semiannual payments to their holders. The yield to maturity on these bonds is $11$ percent.

Given these bond characteristics, how much should each of these bonds be selling for in today's market?

Increase decimal places for any intermediate calculations, from the default $2$ to $6$ or higher. Only round your final answer to TWO decimal places: for example, $1,000\mathrm{.}23.$

Do NOT use $"$$$"$ in your answer.