Problem
A corporate bond has a face value of $1000 with maturity date 20 years from today. The bond pays interest semiannually at a rate of 8% per year based on the face value. The interest rate paid on similar corporate bonds has decreased to a current rate of 6%. Determine the market value of the bond.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.