Diamond Corporation is planning a bond issue with an escalating coupon rate. The annual coupon rate will be 4.5% for the first 2 years, 5.5% for the subsequent 3 years, and 6.5% for the final 4 years. If bonds of this risk are yielding 6.5%, estimate the bond's current price. Face value of the bond is $1,000. (Round your onswer to the nearest cent.)