Hanover District Medical Center plans to issue $$10,000,000$ of tax$-$exempt bonds in the

near future to help finance an upgrade to the physical plant of its main facility. The

investment bank that is facilitating the bond issue has recommended that Hanover issue

bonds with a par value of $$1,000$ each, a coupon rate of $6\%,$ and a maturity of $20$ years.

A$.$ If the required market rate of return is $6\%,$ what is the estimated value of each

bond?

B$.$ If the required market rate of return is $3\%,$ what is the estimated value of each

bond?

C$.$ If the required market rate of return is $10\%,$ what is the estimated value of each

bond?