Applied Software has a $1,000 par value bond outstanding that pays 20 percent interest with annual payments. The current yield to maturity on such bonds in the market is 8 percent. Use Appendix B and Appendix D.

Compute the price of the bonds for these maturity dates: (Round "PV Factor" to 3 decimal places. Do not round intermediate calculations. Round the final answers to 2 decimal places.)

Price of the bond a. 40 years $ b. 17 years $ c. 8 years $