(Bond valuation) You own a bond that pays $110 in annual interest, with a $1,000 par value. It matures in 15 yoars. Your tequired rate of rotum is 10 percent a. Calculate the value of the bond. b. How does the value change if your requred rate of retum (1) increases to 14 percent or (2) decreases to 8 percent? c. Explain the implications of your answers in part b as they relate to interest rate tisk, premium bonds, and discount bonds. d. Assume that the bond matures in 4 years instead of 15 years. Recompule your answers in part b. e. Explain the implications of yout answers in part d as they relate to interest rate risk, premium bonds, and discount bonds. 3. If your reguied rale of retum is 10 percent, what is the value of the bond