A few years ago, Super Tech Inc. issued a bond that has a face value equal to $1,000 and pays investors $20 interest every six months. The bond has eight years remaining until maturity. If you require an 8 percent rate of return to invest in this bond, what is the maximum price you should be willing to pay to purchase the bond? (Round off the answer to two decimal places.)

Please explain how you got everything. Please go step by step so I can follow along. Just giving me the answer does not help. Thank you.