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. Compute the price of the bonds for these maturity dates: (Use a Financial calculator to arrive at the answers. 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 $