Essex Biochemical Co. has a $1,000 par value bond outstanding that pays 11 percent annual interest. The current yield to maturity on such bonds in the market is 9 percent. Use Appendix B and Appendix D.

Compute the price of the bonds for these maturity dates (Round "PV Factor" to 3 decimal places, intermediate and final answers to 2 decimal places. Omit the "$" sign in your response):

	Price of the bond
(a) 40 years	$
(b) 20 years	$
(c) 5 years	$