In the United States, a common practice for corporate bonds is to pay coupon payments semiannually. However, this is not always the case for bonds sold in other parts of the world: annual coupon payments are common in some countries. Let's say, there is an Italian company that sells a bond which has a par value of 1,000, 10 years until the bond matures, and a 7.6 percent annual coupon rate on its annually paid coupons.

The yield to maturity on these Italian bonds is 8.7 percent. Calculate the current value of each of these bonds.