Sea Masters Co. issued $1000 par value bonds with a 12 percent coupon. The bond pays interest semi-annually and has 16 years remaining to its maturity date. If the market demands 9.0 percent required rate on the bond, what is the price of the bond? Round it two decimial places, and do not include the $ sign, e.g., 935.67.

The answer is (1,251.83), but I need to know how to get it. Thanks!