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please show work in written form (not excel) thank you.

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 simple rate on this debt has now risen to 16 percent. What is the current value of this bond? $1,273 | $1,000 | $7,783 | $550 | $450