(Bond valuation) Kyser Public Utilities issued a bond with a $1,000 par value that pays $70 in annual interest. It matures in 15 years. Your required rate of return is 8 percent. a. Calculate the value of the bond. b. How does the value change if your required rate of return (1) increases to 12 percent or (2) decreases to 4 percent? c. Explain the implications of your answers in part b as they relate to interest rate risk, premium bonds, and discount bonds. d. Assume that the bond matures in 5 years instead of 15 years. Re compute your answers in part b. e. Explain the implications of your answers in part d as they relate to interest rate risk, premium bonds, and discount bonds. a. If your required rate of return is 8 percent, what is the value of the bond? $ nothing (Round to the nearest cent.)