Bond Valuation Assume the following information for an existing bond that provides annual coupon payments:

Par value = $1,000

Coupon rate =11%

Maturity = 4 years

Required rate of return by investors =11%

a. What is the present value of the bond?

b. If the required rate of return by investors were 14 percent instead of 11 percent, what would be the present value of the bond?

c. If the required rate of return by investors were 9 percent, what would be the present value of the bond?(please note that you have to answer this problem step by step not directly, as my professor want it step by step, please provide a detailed explanation of a b and c and i need it as soon as possible please and thank you.