A bond of Telink Corporation pays $$110$ in annual interest, with a $$1,000$ par value. The bonds mature in $15$ years. The market's required yield to maturity on a comparable$-$risk bond is $9$ percent.

a$.$Calculate the value of the bond.

b$.$How does the value change if the market's required yield to maturity on a comparable$-$risk bond $($i$)$ increases to $13$ percent or $($ii$)$ decreases to $4$ percent?

c$.$Interpret your findings in parts a and b$.$