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Diamond Corporation is planning a bond issue with an escalating coupon rate. The annual coupon rate will be 3.4% for the first 4 years, 4.4%

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Diamond Corporation is planning a bond issue with an escalating coupon rate. The annual coupon rate will be 3.4% for the first 4 years, 4.4% for the subsequent 5 years, and 5.4% for the final 2 years. If bonds of this risk are yielding 4.4%, estimate the bond's current price. Face value of the bond is $1,000. (Round your answer to the nearest cent.) Bond's current price $

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