Your company plans to issue bonds later in the upcoming year. But with the economic uncertainty and varied interest rates, it is not clear how much money the company will receive when the bonds are issued. The company is committed to issuing 6,400 bonds, each of which will have a face value of $1,000, a stated interest rate of 8 percent paid annually, and a period to maturity of 7 years. Calculate the bond's annual periodic payment.