14. Due to a number of lawsuits related to toxic wastes, a major chemical manufacturer has recently experienced a market reevaluation. The firm has a bond issue outstanding with 15 years to maturity and a coupon rate of 10 percent, with interest being paid semiannually. The required rate on this debt has now risen to 12 percent. What is the current value of this bond? a. $1,273 b. $862 c. $725 d. $550 e. $450