QWE wishes to issue a perpetual callable bond that pays 7.8% annual coupon. The current interest rate is 7.8%. Next year, the interest rate will be 2.7% or 8.8% with equal probability. The bond is callable at $1,050, and it will be called if the interest rate drops to 2.7%. What is the issue price of this callable bond?

Please round your final answers to 4 decimal places Please provide the answer in decimal