ABC Corporation's bonds have a 10-year maturity, a 8.25% coupon rate with interest paid

semiannually, and a par value of $1,000. If your nominal required rate of return on these bonds is

7.75%, what is the maximum price you should be willing to pay for the bond?

Note: Enter your answer rounded to the nearest cent. Do not enter $ or comma in the answer

box. For example, if your answer is $12,300.456 then enter as 12300.46 in the answer box.