Eight years ago, Burt Brownlee purchased a government bond that pays 2.30 percent interest. The face value of the bond was $1,000. (a) What is the dollar amount of annual interest that Burt received from his bond investment each year? Amount of annual interest (b) Assume that comparable bonds are now paying 1.8 percent. What is the approximate dollar price for which Burt could sell his bond? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Approximate market value (c-1) Did the bond increase or decrease in value? O Increased in value Decreased in value (c-2) Why did the bond increase or decrease in value? O Because market rates increased Because market rates decreased