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(Bond valuation?) You are examining three bonds with a par valueof ?$1,000 ?(you receive ?$1,000 at? maturity) and are concernedwith what would happen to their market value if interest rates? (orthe market discount? rate) changed.The three bonds areBond Along dash—a bond with 33 years left to maturity that has anannual coupon interest rate of 12 ?percent, but the interest ispaid semiannually.Bond Blong dash—a bond with 11 years left to maturity that has anannual coupon interest rate of 12 ?percent, but the interest ispaid semiannually.Bond Clong dash—a bond with 17 years left to maturity that has anannual coupon interest rate of 12 ?percent, but the interest ispaid semiannually.What would be the value of these bonds if the market discount ratewerea. 12 percent per year compounded? semiannually?b. 3 percent per year compounded? semiannually?c. 16 percent per year compounded? semiannually?d. What observations can you make about these? results?