(Bond valuation relationships) A bond of Telink Corporation pays $120 in annual interest, with a $1,000 par value. The bonds mature in 20 years. The market's required yield to maturity on a comparable-risk bond is 8 percent. a. Calculate the value of the bond. b. How does the value change if the market's required yield to maturity on a comparable-risk bond (i) increases to 13 percent or (ii) decreases to 5 percent? c. Interpret your findings in parts a and b