You are considering a 10-year, $1,000 par value bond. Its coupon rate is 8%, and interest is paid semiannually. The data has been collected in the Microsoft Excel Online file below. Open the spreadsheet and perform the required analysis to answer the question below.

Bond valuation
Years to maturity	10
Par value of bond	$1,000.00
Coupon rate	8.00%
Frequency interest paid per year	2
Effective annual rate	11.59%
Calculation of periodic rate:			Formulas
Nominal annual rate			#N/A
Periodic rate			#N/A
Calculation of bond price:			Formulas
Number of periods			#N/A
Interest rate per period	0.00%
Coupon payment per period			#N/A
Par value of bond	$1,000.00
Price of bond			#N/A

If you require an "effective" annual interest rate (not a nominal rate) of 11.59%, how much should you be willing to pay for the bond? Do not round intermediate steps. Round your answer to the nearest cent.