using the bond formula P = C [1 - 1/(1+i)ⁿ]/i+M/(1+i)ⁿ

1. what's the bond relationship and why it works in this statement:"The value of a bond is inversely related to changes in the investor's present required rate of return (the current interest rate)."

2. Explain whatbond market conditionwould result the market price of a bond being less than par and what bond market condition would result in the market price of a bond being greater than par.

3. Explain what happens to the market price of a bond as the bond approaches its maturity date and why this happens.