Assume that you wish to purchase a bond with a 17-year maturity, an annual coupon rate of 11.5%, a face value of $1,000, and semiannual interest payments. If the current risk-free rate is 2.5% and you require a 9.5% return on this investment, what is the maximum price you would be willing to pay for this bond? Use 2 decimal places and show all calculations.