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Diamond Corporation is planning a bond issue with an escalating coupon rate. The annual coupon rate will be 4.4% for the first 3 years, 5.4%

Diamond Corporation is planning a bond issue with an escalating coupon rate. The annual coupon rate will be 4.4% for the first 3 years, 5.4% for the subsequent 4 years, and 6.4% for the final 2 years. If bonds of this risk are yielding 5.4%, estimate the bond's current price. Face value of the bond is $1,000. (Round your answer to the nearest cent.)

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