Question: Problems; 30 Points- PLEASE SHOW YOUR WORK 15. Due to a number of lawsuits related to an oil spill, the BP company has recently experienced

Problems; 30 Points- PLEASE SHOW YOUR WORK

15. Due to a number of lawsuits related to an oil spill, the BP company has recently experienced a market revaluation. The firm has bonds outstanding that were issued 10 years ago at their par value of $1,000. These bonds have 15 years to maturity and a coupon rate of 8 percent, with interest paid semiannually. The required return on these bonds has increased to 16 percent. What is the current value of one of these bonds? (10 points)

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