Rick bought a bond when it was issued by Macroflex. The bond, which has a $1,000 face value and a coupon rate equal to 8 percent, matures in six years. Interest is paid every six months; the next interest payment is scheduled for six months from today. If the yield on similar risk investments is 8 percent, what is the current market value (price) of the bond?

7. Rick bought a bond when it was issued by Macroflex. The bond, which has a $1,000 face value and a coupon rate equal to 8 percent, matures in six years. Interest is paid every six months; the next interest payment is scheduled for six months from today. If the yield on similar risk investments is 8 percent, what is the current market value (price) of the bond? a. $841.15 b. $1,238.28 c. $1000.00 d. $757.26 e. $844.45