MAX Company Limited issued a 20 year bond to finance a major capital project. The coupon interest rate of such bond was 6%. The par value of the bond was $1,000. Currently 8 years is remaining for the bonds to mature. Required (a) Calculate the present value of the bond if the market interest rate is 8%. (b) Re-calculate the present value of bond if the market interest rate is 4%. (c) Calculate the yield to maturity (YTM) if the market price of the bond is $1,080, five years from maturity (you need to also calculate bond value at approximate YTM rate).