Problem $7-3$ Valuing Bonds $[$LO$2]$Even though most corporate bonds in the United States make coupon payments semiannually, bonds issued elsewhere often have annual coupon payments. Suppose a German company issues a bond with a par value of $1,000,15$ years to maturity, and a coupon rate of $7\mathrm{.}7$ percent paid annually.$$If the yield to maturity is $8\mathrm{.}8$ percent, what is the current price of the bond?$($Do not round intermediate calculations and round your answer to $2$ decimal places, e$.$g$.,32\mathrm{.}16.)$