As an investment manager of Southern Cross fund, you have $5 million in capital to purchase debt securities; $3 million for money market securities and $2 million for bonds.

Having finished your money market purchases, you move on to buying bonds.

Telstra is selling 5 year bonds at a face value of $1,000,000 which pay a semi-annual coupon of 6% p.a.

You require a yield-to-maturity (YTM) of 7% p.a. on Telstra's bonds, what price are you willing to pay for each Telstra bond?

(enter your answer without $ or , to 2 decimal places)