(Bond valuation relationships) Arizoria Public Utilities issued a bond that pays $70 in interest with a $1.000 par value. It matures in 20 years. The market's required yield to maturity on a comparable-risk bond is 6 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 11 percent or (ii) decreases to 5 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 20 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 6 percent? (Round to the nearest cent.)