Lambert Corning, Inc. specializes in buying heavily undervalued bonds. To do that this firm mainly searches bonds, which are being trading at well below par value and have relatively longer period to maturity. He has his eye on a bond issued by King Co. The $1,000 par value bond provides 8 percent annual coupon rate and has 12 years remaining to maturity. The current yield to maturity on similar bonds is 12 percent. What is the current price of the bonds?