Question: A corporate bond has a face value of $l 000 with maturity date 20 years from today. The bond pays interest manually at a rate

A corporate bond has a face value of $l 000 with maturity date 20 years from today. The bond pays interest manually at a rate of 8% per year based on the face value. The interest rate paid on similar corporate bonds has decreased to a current rate of 6%. Determine the market value of the bond.

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