The Latham Corporation is planning on issuing bonds that pay no interest but can be converted into $1,000 atmaturity, 7 years from their purchase. To price these bonds competitively with other bonds of equalrisk, it is determined that they should yield 9 percent, compounded annually. At what price should the Latham Corporation sell thesebonds?

The price of the Latham Corporation bonds should be __________ (Round to the nearestcent.)