Current Attempt in Progress Your answer is incorrect. Gary M$.$ specializes in buying high$-$risk commercial paper; his required return on these investments is $13\mathrm{.}6$ percent per year. He is considering buying some $60-$day paper from Cullumber Corp. with a promised yield of $9\mathrm{.}8$ percent per year. However, Gary believes there is a $1-$percent chance that Cullumber will default on this debt, in which case he would recover only $60$ percent of the face value. How much will Gary be willing to pay for each $\backslash (\backslash$$ $1,000\backslash )$ par value of this paper? $($Round answer to $2$ decimal places, e$.$g$.\backslash (5,275\mathrm{.}75\backslash ).)$