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(Bond valuation-zero coupon) The Latham Corporation is planning on issuing bonds that pay no interest but can be converted into $1,000 at maturity, 3 years

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(Bond valuation-zero coupon) The Latham Corporation is planning on issuing bonds that pay no interest but can be converted into $1,000 at maturity, 3 years from their purchase. To price these boilds competitively with other bonds of equal risk, it is determined that they should yield 7 percont, compounded annually. At what price should the Latham Corporation sell these bonds? The price of the Latham Corporation bonds should be $(Round to the nearest cont.)

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