Due to a number of lawsuits related to toxic wastes, a major chemical company has

recently experienced a market revaluation. The firm has bonds outstanding that were

issued 8 years ago at their par value of $1,000. These bonds have 12 years to maturity and

a coupon rate of 6%, with interest paid semiannually.The required return on these bonds

has increased to 14%. Compute the current value of one of these bonds.