Calculate the fair present values of the following bonds, all of which pay interest semiannually, have a face value of $1,000, have 8 years remaining to maturity, and have a required rate of return of 15 percent.
a. The bond has a 7 percent coupon rate. (Do not round intermediate calculations. Round your answer to 2 decimal places. (e.g., 32.16))
Fair present value $
b. The bond has a 9 percent coupon rate. (Do not round intermediate calculations. Round your answer to 2 decimal places. (e.g., 32.16))
Fair present value $
c. The bond has a 15 percent coupon rate. (Do not round intermediate calculations.)
Fair present value $