3. Calculate the fair present value of the following bonds, all of which have a 10 percent coupon rate (paid semiannually), face value of $1,000, and a required rate of return of 8 percent.

a. The bond has 10 years remaining to maturity. _________

b. The bond has 15 years remaining to maturity. _________

c. The bond has 20 years remaining to maturity. _________

d. What do your answers to parts (a) through (c) say about the relation between time to maturity and present values? State the relationship and draw and label a graph.