This set of problems is designed to be calculated using the Excel or financial calculator. You can also use algebraic formulas. Do not use financial tables to calculate these problems.

Question $1(1$ point$)$

Marco Chip, Inc. just issued zero$-$coupon bonds with a par value of $$1,000.$ The bond has a maturity of $15$ years and a yield to maturity of $12\mathrm{.}51$ percent, compounded semi$-$annually. What is the current price of the bond?

Round the answer to two decimal places.