7 years ago Pharoah Corporation issued 20-year bonds that had a $1,000 face value, paid interest annually, and had a coupon rate of 9 percent. If the market rate of interest is 5.5 percent today, what is the current market price of an Pharoah Corporation bond? (Round intermediate calculations to 5 decimal places, e.g. 1.25145 and final answer to 2 decimal places, e.g. 52.75.)

Current market price: