THE QUESTION HAS MULTIPLE STEPS. FINISH THEM ALL, its 1 question.

(Related to Checkpoint 9.3) (Bond valuation relationships) You own a bond that pays $120 in annual interest, with a $1,000 par value. It matures in 15 years. The market's required yield to maturity on a comparable-risk bond is 10 percent a. Calculate the value of the bond. b. How does the value change if the yield to maturity on a comparable-risk bond (i) increases to 15 percent or (ii) decreases to 7 percent? c. Explain the implications of your answers in part b as they relate to interest-rate risk, premium bonds, and discount bonds. d. Assume that the bond matures in 3 years instead of 15 years and recalculate your answers in parts a and b e. Explain the implications of your answers in part d as they relate to interest-rate risk, premium bonds, and discount bonds. a. What is the value of the bond if the marker's required yield to maturity on a comparable-risk bond is 10 percent? (Round to the nearest cent.) b. (i) What is the value of the bond if the yield to maturity on a comparable-risk bond increases to 15 percent? \$ (Round to the nearest cent)