Consolidated Amalgamated, Inc. is deciding how to price its upcoming bond issue. Each bond can be redeemed for $1,000 in 12 years. There will be no cash payments made other than the $1,000 upon maturity, but 12-year bonds being sold by other similar companies pay 6% interest (compounded annually). What price is appropriate (rounded to the nearest cent)?

The answer is $496.97. My task is to create a formula that results in the correct answer using Excel function.