Question: Can anyone help? Please show work. Due to a number of lawsuits related to toxic wastes, a major chemical manufacturer has recently experienced a market

Can anyone help? Please show work. Due to a number of lawsuits related to toxic wastes, a major chemical manufacturer has recently experienced a market reevaluation. The firm has a bond issue outstanding (par value = $1,000) with 15 years to maturity and a coupon rate of 8 percent, with interest paid semiannually. The required nominal rate on this debt has now lowered to 14 percent. What is the current market price of the bonds

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