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Bond value and time: Constant required returns Pecos Manufacturing has just issued a 15-year, 12% coupon interest rate, $1,000-par bond that pays interest annually. The required return is currently 14%, and the company is certain it will remain at 14% until the bond matures in 15 years.

a. Assuming that the required return does remain at 14% until maturity, find the value of the bond with (1) 15 years, (2) 12 years, (3) 9 years, (4) 6 years, (5) 3 years, and (6) 1 year to maturity.

b. Plot your findings on a set of time to maturity (x axis)market value of bond (y axis) axes constructed similarly to Figure 6.5 on page 252.

c. 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 graph in part b.

252 PART 3 Valuation of Securities FIGURE 6.5 Time to Maturity and Bond Values Relationship among time to maturity, required returns, and bond values (Mills Company's 10% coupon interest rate, 10-year maturity, $1,000 par, January 1, 2014, issue date paying annual interest) Premium Bond, Required Return, -8% 1,134 115 Par-Value Bond, Required Return, rd = 10% Required Return 1 ,000 952 901 887 Discount Bond, Required Return, rd = 12% 10 9 8 7 6543 2 1 0 Time to Maturity (years)