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Mr. Yap bought a bond having a face value of Php 1,000.00 for Php 970.00. The bond rate was 14% nominal and dividends were made

Mr. Yap bought a bond having a face value of Php 1,000.00 for Php 970.00. The bond rate was 14% nominal and dividends were made to him semiannually for a total of 7 years. At the end of the seventh year, he sold the bond to a friend at a price that resulted a yield of 16% nominal on his investment. What was the selling price

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