(CHAPTER 7) A large corporation would like to borrow a large amount of money for its new expansion project. Instead of asking for a bank loan, it decided to borrow in the open market by selling a large number of corporate bonds. The price received from selling each bond becomes a "mini loan" that will then need to be repaid over a number of years. And so the corporation has just issued 7 percent coupon bonds with $1,000 face value. These bonds will mature in 12 years, and until then they will be making annual payments to their holders. The yield to maturity on these bonds is 9 percent. Given these bond characteristics, how much should each of these bonds be selling for in today's market? (Increase decimal places for any intermediate calculations, from the default 2 to 6 or higher. Only round your final answer to TWO decimal places: for example, 1,000.23. Do NOT use "$" in your answer.)