Creative Financing Inc. is planning to offer a $1000 par value 16 year maturity bond with a coupon interest rate that changes every 4 years. The coupon rate for the first four years is 6.8%, 7.2% for the next four years, 8.9% for the next four years and 9.3% for the final four years.

If you require a rate of return of 8.1% on a bond of this quality and maturity, what is the maximum price you would pay for the bond? Assume interest is paid annually at the end of each year.