Basic bond valuation Complex Systems has an outstanding issue of $1,000-par-value bonds with a 13% coupon interest rate. The issue pays interest annually and has 15 years remaining to lis matury dale

a. If bonds of similar risk are currently eaming a rate of return of 11%, how much should the Complex Systems bond sell for today?

b. Describe the two possible reasons why the rate on similar-risk bonds is below the coupon interest rate on the Complex Systems bond.

If the required return were at 13% instead of 11%, what would the current value of Complex Systems' bond be? Contrast this finding with your findings in part a and discuss

a. If bonds of similar risk are currently earing a rate of return of 11%, the Complex Systems bond should sell today for

$. (Round to the nearest cent.)

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