(Related to Checkpoint 9.3) (Bond valuation)Calculate the value of a bond that matures in

14

years and has a

$1,000

par value. The annual coupon interest rate is

12

percent and the market's required yield to maturity on a comparable-risk bond is

14

percent.

(Related to Checkpoint 9.3) (Bond valuation) Calculate the value of a bond that matures in 14 years and has a $1,000 par value. The annual coupon interest rate is 12 percent and the market's required yield to maturity on a comparable-risk bond is 14 percent. The value of the bond is $ (Round to the nearest cent.)