Question: 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

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 percent, 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 percent,

what is the current market value (price) of the bond?

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