Calculate the fair present values of the following bonds, all of which pay interest semiannually, have a face value of $10,000, have 14 years remaining to maturity, and have a required rate of return of 10 percent.

a. The bond has a 3 percent coupon rate.

b. The bond has a 5 percent coupon rate.

c. The bond has a 7 percent coupon rate.

d. What do your answers to parts (a) through (c) say about the relation between coupon rates and present values?