The Vinny Cartier Company issued bonds at $$1,000$ per bond. The bonds had a $25-$year life when issued, with semiannual payments at the then annual rate of $12$ percent. This return was in line with required returns by bondholders at that point, as described below:

Real rate of return $3\%$

Inflation premium $5$

Risk premium $4$

Total return $12\%$

Assume that ten years later the inflation premium is $3$ percent, the risk premium has declined to $3$ percent and both are appropriately reflected in the required return $($or yield to maturity$)$ of the bonds. The bonds have $15$ years remaining until maturity.

Compute the new price of the bond. $($Use a Financial calculator to arrive at the answers. Do not round intermediate calculations. Round the final answer to $2$ decimal places.$)$

New price of the bond $