1. Ten years ago, Fanyon Bicycle Company issues a 20-year bond with a $1,000 face value and a 6 percent coupon rate of interest (paid semi-annually) If investor require a return equal to 8 percent in similar bonds, what is the current value of Fanyon's bond? (Hint: on this type of question, you are interested in the remaining life of the bond, not its original maturity.)