$($Related to Checkpoint $9\mathrm{.}3)($Bond valuation$)$ Calculate the value of a bond that matures in $11$ years and has a $$1,000$ par value. The annual coupon interest rate is $11$ percent and the market's required yield to maturity on a comparable$-$risk bond is $8$ percent.

The value of the bond is $ $($Round to the nearest cent.$)$