(a) You own a RM1,000 par value 10% bond with semi-annual coupons. The bond will mature at par at the end of 10 years and you will immediately buy a new 8-year bond. The current yield rate for both bonds is 7% convertible semi-annually. You use the proceeds from the sale of the 10% bond to purchase the new 6% bond with semi-annual coupons, maturing at par at the end of 8 years. Find the par value of the 8-year bond and provide the answer to the nearest integer. (4 marks)