A 9-year bond has a yield of 8.5% with annual compounding. It is trading at 98.75 cents on the dollar, and its face value is $1000. The bond's duration is 8.836 years. If the market yield goes down by 50 basis points (or 0.50%), what is the new price of the bond? (Round your answer to 2 decimals. Do not round intermediate results.)