Calculate the fair present value of the following bonds, all of which have a 2 percent coupon rate (paid semiannually), face value of $1000, and a required rate of return (yield to maturity) of 6 percent.

a. The bond has 10 years remaining to maturity.

b. The bond has 15 years remaining to maturity.

c. The bond has 20 years remaining to maturity.

d. Wha do your answers say about the relationship between time to maturity and present value?