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. If the market interest rate is 7%, what is the present value of the bond (i.e., what is the dollar amount of the cash proceeds at issuance)?