Complex Systems has an outstanding issue of $$$$1,000-$par$-$value bonds with a$9\%$ coupon interest rate. The issue pays interest annually and has $18$ years remaining to its maturity date.

a$.$If bonds of similar risk are currently earning a rate of return of $8\%,$ how much should the Complex Systems bond sell for$$ today?$$

b$.$Describe the two possible reasons why the rate on$$ similar$-$risk bonds is below the coupon interest rate on the Complex Systems bond.

c$.$If the required return is $9\%$instead$,$ what would the current value of Complex$$ Systems' bond$$ be$?$ Contrast this finding with your findings in part a and discuss.