(Bond valuation relationships)A bond of Telink Corporation pays $110 in annual interest, with a $1,000 par value. The bonds mature in 30 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 6 percent? c.Interpret your findings in parts a and b.