Twin Oaks Health Center has a bond issue outstanding with a coupon rate of 7 percent and four years remaining until maturity. The par value of the bond is $1,000, and the bond pays interest semiannually. Determine the current value of the bond if present market conditions justify a 12 percent annual required rate of return. (Assume a 6 percent semiannual required rate of return.)

Answer to the nearest cent.