Calculate the fair present values of the following bonds, all of which pay interest semiannually, have a face value of $1,000, have 10 years remaining to maturity, and have a required rate of return of 11 percent.
a. The bond has a 5.4 percent coupon rate.
b. The bond has a 7.4 percent coupon rate.
c. The bond has a 11 percent coupon rate.