Several years ago MMM Company borrowed money through a bond issue with the following features. Each individual bond has a $1,000 par value and a 9% annual coupon interest rate, with interest paid semi-annually (twice per year), and will mature five years from today. What price should someone who requires an 8% annual rate of return (yield to maturity) be willing to pay for one of these bonds? (The semi-annual payment schedule is important to the computation.) Hint: use the Basic Time Value of Money table attached to this quiz or a financial calculator.