The Garratv Company has two bond issues outstanding. Both bonds pay $100 in annual interest paid semiannually plus $1000 at maturity. Bond L has maturity of 15 years, bond S has a maturity of 2 years. What will be the value of these bonds when the going rate of interest is (1)5%, (2) 8% and (3) 12%. Assume that there are only four more interests payments on bond S.

Please, provide detailed calculation.