Bond value and timelong dashConstant required returns$$Pecos Manufacturing has just issued a $15-$year, $9\%$ coupon interest$$ rate, $$$$1$ comma $000-$par bond that pays interest annually.$$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$$ equal, when the required return differs from the coupon rate and is constant to$$ maturity, what happens to the bond value as time$$ passes? Explain in light of the following$$ graph: LOADING....