Diamond Corporation is planning a bond issue with an escalating coupon rate. The annual coupon rate will be 3.7% for the first 4 years, 4.7% for the subsequent 5 years, and 5.7% for the final 3 years. If bonds of this risk are yielding 4.7%, estimate the bond's current price. Face value of the bond is $1,000. (Round your answer to the nearest cent.)