The bond which has a 1000 face value and a coupon rate, Ask an Expert

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Rick bought a bond when it was issued by Macroflex Corporation 14 years ago. The bond, which has a $1,000 face value and a coupon rate equal to 10%, matures in six years. Interest is paid every six months; the next interest payment is scheduled for six months from today. If the yield on similar risk investments is 14%, what is the current market value (price) of the bond?

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