QWE wishes to issue a perpetual callable bond that pays 7.6% annual coupon. The current interest rate is 7.6%. Next year, the interest rate will be 3.5% or 8.6% with equal probability. The bond is callable at $1,050, and it will be called if the interest rate drops to 3.5%. What is the issue price of this callable bond?

(1) Keep at least 4 decimal places for all calculations.

(2) Round your final answers to 4 decimal places. For example, if your answer is -$1,234.56789, please enter -1234.5679.