Bond value and time-Constant required returns Pecos Manufacturing has just issued a 15-year, 13% coupon interest rate, 51,000-par bond that pays interest annually. The required return is currently 11%, and the company is certain it will remain at 11% until the bond matures in 15 years. a. Assuming that the required return does remain at 11% until maturity, find the value of the bond with (1) 15 years, (2) 12 years, (3) 9 years, (4) 6 years, (5) 3 years. (6) 1 year to maturity. b. All else remaining the same, when the required return differs from the coupon interest rate and is assumed to be constant to maturity, what happens to the bond value as time moves toward maturity? Explain in light of the following graph: la a. (1) The value of the bond with 15 years to maturity is S (Round to the nearest cent.) Yield to maturity The bond shown in the following table pays interest annually. (Click on the icon located on the top-right corner of the data table below in order to copy its contents into a spreadsheet.) Par value Coupon interest rate Years to maturity Current value $500 11% 9 $590 a. Calculate the yield to maturity (YTM) for the bond. b. What relationship exists between the coupon interest rate and yield to maturity and the par value and market value of a bond? Explain. a. The yield to maturity (YTM) for the bond is %. (Round to two decimal places.)