Lance Whittingham IV specializes in buying deep discount bonds. These represent bonds that are trading at well below par value. He has his eye on a bond issued by the Leisure Time Corporation. The $$1,000$ par value bond pays $8$ percent annual interest and has $17$ years remaining to maturity. The current yield to maturity on similar bonds is $11$ percent. Use Appendix B and Appendix D for an approximate answer but calculate your final answer using the formula and financial calculator methods.

What is the current price of the bonds?