Question: A 2 0 - year bond pays 1 2 % on a face value of $ 1 , 0 0 0 . If similar bonds

A 20-year bond pays 12% on a face value of $1,000. If similar bonds are currently yielding 7%, what is the market value of the bond? This is a multiple choice answer so please tell me which answer is correct.
Over $1,500
Under $1,000
Over $1,200
Not enough information given to tell

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