17. a) The bond pays a 3 percent coupon rate, annually. 17. b) The bond matures at 22000 (instead of at par) and pays a 3 percent coupon rate, annually. 16-19 [10 each]. A bond has a par value of 20,000 and matures at par value at the end of 10 years. Calculate the present value if the investor seeks to earn interest at 5 percent effective and 16. a) The bond is a zero coupon bond. 16. b) The bond is an accumulation bond that earns 2 percent interest, converted annually. (no coupons) 17. a) The bond pays a 3 percent coupon rate, annually. 17. b) The bond matures at 22000 (instead of at par) and pays a 3 percent coupon rate, annually