Nicol purchases a 10-year callable bond with face amount of RM1000 for price RMP. The bond has a nominal coupon rate of 9% for the first 5 years and 11% for the second 5 years, paid semi-annually. The bond may be called at par by the issuer on every other coupon payment date, beginning with the second coupon payment date. The investor earns at least an annual nominal yield of 12% compounded semi-annually regardless of when the bond is redeemed. Calculate the largest possible value of P.