Due to recent bad press, a major healthcare company has experienced a market ree

Due to recent bad press, a major healthcare company has experienced a market reevaluation. The firm has a $1,000 bond issue outstanding with 15 years to maturity and a coupon rate of 8%, with interest paid semiannually. The required nominal rate on this debt has now risen to 16%. What is the current value of this bond?
Using bond formula:B0 = [ I x PVIFA(r,n) ] + [ P x PVIF(r,n) ]where:B0 – current price of the bondI – coupon interest paymentP – face (or par) value of the bond ($1,000)r – required rate of…

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