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3. A $1000 bond bearing interest at 8% payable semi-annually redeemable at par on February 1, 2024, was purchased on October 12, 2017 to yield

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3. A $1000 bond bearing interest at 8% payable semi-annually redeemable at par on February 1, 2024, was purchased on October 12, 2017 to yield 7% compounded semi-annually. Determine the purchase price. The purchase price is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

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