Scotty Industries needs to raise $25 million to fund a new factory. The company plans on issuing ten-year bonds with a face value of $1,000 and a coupon rate of 7.0% (annual payments). The following table summarizes the YTM for similar ten-year corporate bonds of various credit ratings:

Rating	AAA	AA	A	BBB	BB
YTM	6.75%	6.95%	7.05%	7.45%	7.95%

Assuming that Scotty's bonds are rated AAA, their price will be closest to ________.