Suppose that a marketing manager for a retail furniture company proposes a sale. Customers can buy now but don’t have to pay for their furniture purchases for two years. From a time value of money perspective, selling furniture at full price with payment in two years is equivalent to selling furniture at a sale, or discounted, price with immediate payment. If interest rates are 7.5 percent per year, what is the equivalent sale price of a $1,000 sleeper-sofa when the customer takes the full two years to pay for it?