Complete problem 6-7 on page 144 (Grand Machinery).

6-7. Grand Machinery has an outstanding bond that matures in 12 years. The bonds face value is $1,000 and its coupon rate of interest is 6.2 percent (paid semiannually). If investors require a return equal to 6.9 percent to invest in similar bonds, what should be the current market value of Grands outstanding bond?

b.) In addition to solving the problem, please share what bond maturity and investment are.