Bond valuation$-$Semiannual interest Find the value of a bond maturing in $12$ years, with a $$1,000$ par value and a coupon interest rate of $12\%(6\%$ paid semiannually$)$ if the required return on similar$-$risk bonds is $12\%$ annual interest.

The present value of the bond is $

$($Round to the nearest cent.$)$