Northrop Real Estate Company management is planning to fund a development project by issuing 10-year zero coupon bonds with a face value of $1,000.
Assuming semiannual compounding, what will be the price of these bonds if the appropriate discount rate is 11.16 percent?
(Round intermediate calculations to 5 decimal places, e.g. 1.25145 and final answer to 2 decimal places, e.g. 15.25.)