Cyberdyne Systems is issuing a series of zero coupon bonds to raise $500M to fund research and development at its Skynet division. Each bond will have a face value of

$1,000

and will mature in

15

years. The yield on the bond is

8.5%.

What is the fair price for one of Cyberdyne's zero coupon bonds?

The fair price for one of Cyberdyne's zero coupon bonds is

$___

(Round to the nearest cent.)