Twin Oaks Health Center has a bond issue outstanding with a coupon rate of 7 percent and four 8 years remaining until maturity. The par value of the bond is $1,000, and the bond pays interest 9 annually.  a. Determine the current value of the bond if present market conditions justify a 12 percent 11 required rate of return. 

b. Now, suppose Twin Oaks' four-year bond had semiannual coupon payments. What would be its 13 current value? (Assume a 6 percent semiannual required rate of return. However, the actual 14 rate would be slightly less than 6 percent because a semiannual bond is slightly less risky than 15 an annual coupon bond.)  c. Assume that Twin Oaks' bond had a semiannual coupon but 20 years remaining to maturity.  What is the current value under these conditions?