You own a bond that pays $100100 in annual interest, with a $1 comma 0001,000 par value. It matures in 1515 years. Your required rate of return is 1212 percent. a. Calculate the value of the bond. b. How does the value change if your required rate of return (1) increases to 1515 percent or (2) decreases to 77 percent? c. Explain the implications of your answers in part (b) as they relate to interest rate risk, premium bonds, and discount bonds. d. Assume that the bond matures in 44 years instead of 1515 years. Recompute your answers in part (b). e. Explain the implications of your answers in part (d) as they relate to interest rate risk, premium bonds, and discount bonds.