(Bond valuation relationships)Stanley, Inc. issues 15-year $1,000 bonds that pay $85 annually. The market price for the bonds is $960. The market's required yield to maturity on a comparable-risk bond is 9 percent. a.What is the value of the bond to you? b.What happens to the value if the market's required yield to maturity on a comparable-risk bond (i) increases to 11 percent or (ii) decreases to 7 percent? c.Under which of the circumstances in part b should you purchase the bond? Question content area bottom Part 1 a.What is the value of the bond if the market's required yield to maturity on a comparable-risk bond is 9 percent? $ enter your response here(Round to the nearest cent.)