IBM recently issued 8 year bonds at a price of $1,000. These bonds pay $60 interest every 6 months. Their price remained stable since they were issued, that is, they still sell at par. The company wants to issue new bonds with a maturity of 3 years, a par value of $1,000 and pay $50 interest every 6 months. If the investors require the same annual rate of return as they require from the existing bonds, what would be the value of the new bonds? (Hand written work please, not excel based answer)