Suppose that General Motors Acceptance Corporation issued a bond with 10 years until maturity, a face value of

$1,000,

and a coupon rate of

7.7%

(annual payments). The yield to maturity on this bond when it was issued was

5.7%.

What was the price of this bond when it was issued?

When it was issued, the price of the bond was

$nothing.

(Round to the nearest cent.)