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a. Several years ago, Castles in the Sand Inc. issued bonds at face value of $1,000 at a yield to maturity of 8.2%. Now, with

a.Several years ago, Castles in the Sand Inc. issued bonds at face value of $1,000 at a yield to maturity of 8.2%. Now, with 7 years left until the maturity of the bonds, the company has run into hard times and the yield to maturity on the bonds has increased to 15%. What is the price of the bond now? (Assume semiannual coupon payments.

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