Nick Turner is considering the purchase of a bond that was issued 4 years ago and has 8 years left till maturity. The bond has a coupon rate of 7.75 percent and a face value of $1,000. If the yield to maturity is 6.50%, calculate to the nearest penny the value of the bond today.

*PLACE YOUR ANSWER IN DOLLARS AND CENTS. DO NOT USE A DOLLAR SIGN OR A COMMA IN YOUR ANSWER. WORK YOUR ANALYSIS USING AT LEAST 4 DECIMAL POINTS OF ACCURACY.