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

- The bond is a zero coupon bond.

-The bond is an accumulation bond that earns 2 percent interest, converted annually. (no coupons)

-The bond pays a 3 percent coupon rate, annually .

-The bond matures at 22000 (instead of at par) and pays a 3 percent coupon rate, annually.