SOLUTION;

Repayment schedule:

On May 1, 2015 -> $20000*0.06 = $1200

on May 1, 2016 -> $20000*0.06 = $1200
on May 1, 2017 -> $20000*0.06 = $1200
on May 1, 2018 -> $20000*0.06 = $1200

on May 1, 2018 -> $20000*0.06 +$20000= $21200

Let P be price, the investor willing to pay for a bond on May 1, 2017
expecting return, k of 8%.

This should be equal to pv of future cash flows for next 3 years and redemption.

So,
0.06(1.083 1) 500
P 500
(0.08 1.083 ) 1.083
474.22($)