Jim Busby calls his broker to inquire about purchasing a bond of Disk Storage Systems. His broker quotes a price of $1120. Jim is concerned that the bond might be overpriced based on the facts involved. The $1000 par value bond pays 13% interest and has 20 years remaining until maturity. The current yield to maturity on similar bonds is 11%. Calculate the present value of the bond. Use Appendix B and D. Round to 2 decimal places.