Evergreen Inc. has issued a semi-annual coupon bond. The bond has a $1000 face value, a 10% coupon rate, and matures in 8 years. The current annual yield-to-maturity for all bonds of the company is 7% (note: this is APR).

Suppose Evergreen believes that its current share price is undervalued and considers buying back shares. To do this, Evergreen decides to issue a zero-coupon bond that matures in 5 years and use the proceeds to buy back shares. The firm decides to buy back 10,000 shares for now. The current stock price of Evergreen is $30, and assume the buyback decision does not change the stock price. Assume the effective annual rate (EAR) that can be used to discount this new zero-coupon bond is 7.12% (same as that of the existing bonds).

What is the total face value of the zero-coupon bond that Evergreen needs to issue?