Under STRIPS, a 30-year Treasury bond can be separated into zero coupon securities. 61 31 21 A basic principle of finance is that the value of any investment is the present value of all future net cash flows generated by the investment. unrelated to the future net cash flows generated by the investment. unrelated to the degree of risk associated with the future net cash flows generated by the investment. the undiscounted sum of all future net cash flows generated by the investment. A 3-year bond pays annual interest of $30 (assume the face value is $1000 ). The current price quoted is 98.60 . What is the total amount investors receive in year 3 ? $986 $1000 $30 $1030 In the market for corporate bonds, credit ratings signal the estimated probability that investors will exercise the put provision. the expected changes in future dividends. the probability of default. the probability that the issuer will exercise the call provision