Question: Rick bought a bond when it was issued by Macroflex Corporation 14 years ago. The bond, which has a $1000 face value and a 10%

Rick bought a bond when it was issued by Macroflex Corporation 14 years ago. The bond, which has a $1000 face value and a 10% coupon rate, matures in six years. Interest is paid annually; the next interest payment is scheduled for one year from today. If the yield on similar risk investments is 12 percent, what is the current market value (price) of the bond?

*please show work, so I can do my practice problems*

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