Basic bond valuation$$ Complex Systems has an outstanding issue of

$$$$1$ comma $0001,000-$par$-$value

bonds with a$$

$88\%$

coupon interest rate. The issue pays interest annually and has

$1515$

years remaining to its maturity date.

a$.$If bonds of similar risk are currently earning a rate of return of

$77\%,$

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.

c$.$If the required return is

$88\%$

$$instead$,$ what would the current value of Complex$$ Systems' bond$$ be$?$ Contrast this finding with your findings in part a and discuss.