Diamond Corporation is planning a bond issue with an escalating coupon rate. The annual coupon rate will be 3.9% for the first 3 years, 4.9% for the subsequent 4 years, and 5.9% for the final 5 years. If bonds of this risk are yielding 3.1%, estimate the bond's current price. Face value of the bond is $1,000. (Round your answer to the nearest cent.)