(Bond valuation-zero coupon) The Latham Corporation is planning on issuing bonds that pay no interest but can be converted into $1000 at maturity, 8 years from their purchase. To price these bonds competitively with other bonds of equal risk, it is determined that they should yield 9 percent, 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 cent.)