This question addresses the fundamental value of the bonds of Grecia. According to Ball and Holt (1998), an asset should sell for the discounted present value of the stream of future returns. That is, the value of a bond depends on the income it generates for the holder of the bond as well as its value when it is redeemed. Suppose a bond survives to the last period (after trading is done) on a firm's account. During the last round of accounting (seventh round), the firm receives 100 cents interest earnings for the bond. So, it must be worth at least 100 cents. After this coupon is paid, there is a five-sixths chance of the bond surviving to be redeemed for $6. Once the final die was rolled, the bond was redeemed for 600 cents if it survived. What was the fundamental value of the bond for the last period (Hint: calculate the expected value of the asset in this period)? Does the fundamental value change for period seven, or is it always the same answer no matter what period we are in