Jim Busby calls his broker to inquire about purchasing a bond of Disk Storage Systems. His broker quotes a price of $$1,160.$ Jim is concerned that the bond might be overpriced based on the facts involved. The $$1,000$ par value bond pays $14$ percent interest, and it has $17$ years remaining until maturity. The current yield to maturity on similar bonds is $12$ percent.

a$.$ Calculate the present value of the bond. $($Do not round intermediate calculations. Round your final answer to $2$ decimal places. Assume interest payments are annual.$)$