Bond Value and time - constant required return - Pecos Mfg. has just issued a 15 year, 9% coupon interest rate, $1,000 par bond that pays interest annually. The required return is 11% and the company is certain it will remain at 11% until the bond matures in 15 years. a. Assuming the return does remain at 11% until maturity, find the bond with 15 years 12 years 9 years 6 years 3 years 1 years to maturity. All else remaining the same, when the required return differs from the coupon interest rate and is assumed to be constant to maturity. What happens to the bond value as time moves toward maturity?