6-3: A $1,000-bond with annual coupon payments at 9% of par has an expected return of 11% over the life of the bond. Compute the value of the bond at these times to maturity: (A) 12 years (B) 8 years (C) 5 years (D) 2 years Now compute bond values with the above times to maturity, assuming an expected return of 7% over the life of the bond. Finally, using the graph in Figure 6.5 as an example, describe what the graph of the two sets of bond values (under two different expected returns) would look like. When does the bond value approach its par value? ent