Flora Co.’s bonds, maturing in 16 years, pay 15 percent interest on a $1,000 face value. However, in

Flora Co.’s bonds, maturing in 16 years, pay 15 percent interest on a $1,000 face value. However, interest is paid semiannually. If your required rate of return is 8 percent, what is the value of the bond? How would your answer change if the interest were paid annually?a) b) Coupon payment made semi-annuallyParticularsHalf yearCoupon payment1Coupon payment2Coupon payment3Coupon payment4Coupon payment5Coupon payment6Coupon payment7Coupon payment…