A bond has a face value of 1000 with maturity date 20 years, Microeconomics

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A bond has a face value of 1000 with maturity date 20 years

Question: A bond has a face value of $1,000 with maturity date 20 years from today. The bond pays interest semiannually at a rate of 8% per year based on the face value. If the current rate of similar bonds is 6%, what is the current market value of the bond?

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Microeconomics: A bond has a face value of 1000 with maturity date 20 years

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