Diamond Corporation is planning a bond issue with an escalating coupon rate. The annual coupon rate will be 4.4% for the first 5 years, 5.4% for the subsequent 3 years, and 6.4% for the final 4 years. If bonds of this risk are yielding 6.6%, 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 $