A bond with a face value of $10,000 pays interest of 6% per year. This bond will be redeemed at its face value at the end of eight years. How much should be paid now for this bond when the first interest payment is payable one year from now and a 7% yield is desired? Click the icon to view the interest and annuity table for discrete compounding when the MARR is 6% per year. Click the icon to view the interest and annuity table for discrete compounding when the MARR is 7% per year. The purchase price of the bond should be $ (Round to the nearest dollar.)

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