Bell Canada issues a $20$ year bond with $3\%$ coupon rate $($paid semi$-$annually.$)$ Other similar Bell Canada bonds a yield of $3\mathrm{.}4\%.($These bonds

are quoted on a "bond equivalent yield" basis, i$.$e$.$ compounded semi$-$annually.$)$ The bond has a face value of $$1000.$ What is the fair market

value of the bond?

$($Do not round intermediate calculations. Round the final answers to $2$ decimal places. Omit $ sign in your response.$)$

Numeric Response