$($Bond valuation relationships$)$ A bond of Visador Corporation pays $$70$ in annual interest, with a $$1,000$ par value. The bonds mature in $21$ years. The market's required yield to maturity on a comparable$-$risk

bond is $8\mathrm{.}5$ 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 $12$ percent or $($ii$)$ decreases to $4$ percent?

c$.$ Interpret your finding in parts a and $b.$

a$.$ What is the value of the bond if the market's required yield to maturity on a comparable$-$risk bond is $8\mathrm{.}5$ percent?

$($Round to the nearest cent.$)$

b$.($i$)$ What is the value of the bond if the market's required yield to maturity on a comparable$-$risk bond increases to $12$ percent?

$($Round to the nearest cent.$)$