You are considering a 30-year, $1,000 par value bond. Its coupon rate is 11%, and interest is paid semiannually. If you require an "effective" annual interest rate (not a nominal rate) of 8.4005%, how much should you be willing to pay for the bond? Do not round intermediate calculations. Round your answer to the nearest cent.

(the answer was not 1,003.19 and I would appreciate the help please!)