Assume a $1,000 face value bond has a coupon rate of 6.7 percent paid semiannually and has an eight-year life. (a) Incorrect answer icon Your answer is incorrect. If investors are willing to accept a 10.0 percent rate of return on bonds of similar quality, what is the present value or worth of this bond? (Round final answer to nearest dollar amount.)

What is the value of the bond if investors wanted an 6.2-percent rate of return?