Calculate the present value of a bond that pays a coupon rate of 4% per year for 15 years, and matures in 15 years at its face value of $1000, using each of the following current market interest rates as the discount rate:

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Calculate the present value of a bond that pays a coupon rate of 4% per year for 15 years, and matures in 15 years at its face value of $1000, using each of the following current market interest rates as the discount rate:(a) 2%;(b) 4%; (c) 7%. Show your calculations.

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