What is the present value of 10-year, pure discount bond paying $1,000 at maturity if the appropriate interest rate is: 5 percent 10 percent 15 percent Microsoft has issued a bond with the following characteristics: Principal: $1,000 time to maturity: 20 years Coupon rate: 8 percent, compounded semiannually Semiannual payments Calculate the price of this bond if the stated annual interest rate, compounded semiannually, is: 8 percent 10 percent 6 percent