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 $7\mathrm{.}4\%($annual payments$).$ The yield to maturity on this bond when it was issued was $5\mathrm{.}8\%.$ What was the price of this bond when it was issued?

When it was issued, the price of the bond was $$,($Round to the nearest cent.$)$