please solve it and explain it. Also, the ans 653 is not correct and i do not know what wrong with it

ncorrect Question 1 0/1 pts Suppose that the effective rate of discount is 11%. To get a payment of $500 a year from now and another payment of $250 two years from now, how much (at least) should we have today? Round the answer to the nearest dollar amount. (Write 123 if the answer is $123.45). 653