(Bond valuation relationships) Arizona Public Utilities issued a bond that pays $60 in interest, with a $1,000 par value. It matures in 25 years. The market's required yield to maturity on a comparable-risk bond is 7 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 increases to 12 percent or (m) decreases to 6 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 10 years instead of 25 years. Recompute your answers in parts a and b e. Explain the implications of your answers in part d as they relate to interest rate risk, premium bonds, and discount bonds. a. What is the value of the bond if the market's required yield to maturity on a comparable-risk bond is 7 percent? $ (Round to the nearest cent.)