Assume a healthcare organization sold bonds that have a twelve-year maturity, a 14% coupon rate with annual payments, and a $1,000 par value.

Suppose that three years after the bonds were issued, the required interest rate fell to 9%. What would be the bonds value?

Suppose that three years after the bonds were issued, the required interest rate rose to 17%. What would be the bonds value?

What would be the value of the bonds six years after issue in each scenario above, assuming that interest rates stayed steady at either 9% or 17%?