Example $17\mathrm{.}2$

A $$1,000$ bond paying $6$ percent semiannually $($ $$30$ semiannually$)$ has five years to go until maturity. The current market for these bonds is $8$ percent. That is$,$ investors are willing to buy the bond if they can receive a nominal interest rate of $8$ percent on their investment. How much will the bond be worth?