Grand Machinery has an outstanding bond that matures in 12 years. The bonds face value is $1,000 and its coupon rate of interest is 6.7 percent (paid semiannually). If investors require a return equal to 6.9 percent to invest in similar bonds, the current market value of Grands outstanding bond should be $_______.

Rounding and Formatting instructions: Do not enter dollar signs, percent signs, commas, X, or any words in your response. Do not round any intermediate work, but round your *final* response to 2 decimal places (example: if your answer is 12.3456, 12.3456%, or $12.3456, you should enter 12.35).