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You purchased a corporate bond for Fiive net healthcare with a $1,000 par value with a 6% coupon rate sixteen years ago. You need to

You purchased a corporate bond for Fiive net healthcare with a $1,000 par value with a 6% coupon rate sixteen years ago. You need to sell the bond now. Market rates are now 7%. What is the value of the bond today with four years to maturity?

a) $901.82

b) $966.13

c) $1,000.00

d) $1,060.00

PLEASE EXPLAIN.

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