Due to a number of lawsuits related to toxic wastes, a major chemical manufacturer has recently experienced a market reevaluation. The firm has a bond issue outstanding with 15 years to maturity and a coupon rate of 8 percent, with interest being paid semiannually. The required rate on this debt has now risen to 12 percent. What is the current value of this bond? a. $1, 273 b. $1,000 c. $725 d. $550 e. $450