Klingsman National Brand has bonds that are rated AA by Standard and Poors. The yield to maturity on AA bonds at the moment is 6.95%. You are trying to value a Klingsman bond that has 10.00 years until maturity and pays a 8.00% coupon. The bond has a $1,000 face value.

Suppose that the credit rating of Klingsman is reviewed and upgraded to AA+ by Standard and Poors. The yield to maturity on AA+ bonds at the moment is 0.10% lower than the previous yield to maturity on Klingsman debt. What will the new price be?

Round to: 2 decimal places.