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Finance-Is-Fun Corp does capital budgeting consulting for small businesses. It has a bond outstanding that will mature to its $1,000 par value in 15 years.

Finance-Is-Fun Corp does capital budgeting consulting for small businesses. It has a bond outstanding that will mature to its $1,000 par value in 15 years. ( In other words, it matures 15 years from today and has a par value of $1,000.) The bond has a coupon interest rate of 8% and pays interest annually. Find the value of the bond if the yield to maturity is 6%. In other words, what is the value of the bond today?

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