With 8 years left until the maturity of the bonds the, Financial Management

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With 8 years left until the maturity of the bonds the

Several years ago, Castles in the Sand Inc. issued bonds at face value of $1,000 at a yield to maturity of 7.6%.

Now, with 8 years left until the maturity of the bonds, the company has run into hard times and the yield to maturity on the bonds has increased to 15%.

What is the price of the bond now? (Assume semiannual coupon payments.)

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