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What is the market price of a $ 1 , 0 0 0 , 7 percent bond paying a semiannual coupon if comparable market interest

What is the market price of a $1,000,7 percent bond paying a semiannual coupon if comparable market interest rates rise to 12 percent and the bond matures in 14 years? Round your answer to the nearest dollar. (Hint: Use Appendix A-2 and Appendix A-4.) Round Present Value of a Single Amount and Present Value 0 a Series of Equal Amounts in intermediate calculations to four decimal places.
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