A $1,000 bond with a coupon rate of 7% has quarterly coupons and is redeemable after an unspecified number of years at $969. The bond is bought to yield 14% convertible semiannually. If the present value of the redemption amount is $351.20, find the purchase price using the Makeham formula. Then check your answer using another price formula. (Round your answer to the nearest cent.)

510.60 is a wrong answer