On jan 1 2000 you purchased a bond that will pay 1000 on, Business Economics

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On jan 1 2000 you purchased a bond that will pay 1000 on

On Jan. 1, 2000, you purchased a bond that will pay $1,000 on Dec. 31 of each year from 2000 until 2019. It is now Jan. 1, 2015, and you decide that you would like to sell the bond. Assuming that the prevailing annual interest rate on that day for five-year bonds is r% (compounded annually), what would be the value (in terms of dollars as of Jan. 1, 2015) of the bond?

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