Barkley Corporations has a bond issue outstanding with an annual coupon rate of 7% and 4 years remaining until maturity. The par value of the bond is $1,000.

a) What is the price of the bond if present market conditions justify a 14% required rate of return? The bond pays interest annually.

b) What would be the current value of the bond if the bond has a semiannual coupon?

c) Assume an annual coupon but 20 years remaining to maturity. What is the current value under these conditions? Also, what is the bond's current yield?