Basic bond valuation Complex Systems has an outstanding issue of $$1,000-$par$-$value bonds with a$9\%$ coupon interest rate. The issue pays interest annually and has $14$ years remaining to its maturity date.

a$.$If bonds of similar risk are currently earning a rate of return of $8\%,$ how much should the Complex Systems bond sell for today?

b$.$Describe the two possible reasons why the rate on similar$-$risk bonds is below the coupon interest rate on the Complex Systems bond.

c$.$If the required return is $9\%$ instead, what would the current value of Complex Systems' bond be$?$ Contrast this finding with your findings in part a and discuss.