On December 31, 2013, $720,000 of 10% bonds were issued. The market interest rate at the time of issuance was 12%. The bonds pay interest on June 30 and December 31 and mature in 10 years.
Compute the selling price of a single $1,000 bond on December 31, 2013.
Note: Round all intermediate calculations to three decimal places, and round your final answer to the nearest cent.
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