9. What is the value of a 20-year, 8% coupon bond (assume annual coupon payments) if the market rate is 12%?
(a) $ 701.22 (b) $1,178.18 (c) $1,000.00 (d) $ 597.56 (e) $1,392.73
10. A MGM Resort Corporation bond pays a 14% coupon on a semi-annual basis. What is the value of this bond if it has 15 years left until maturity and the market rate is 18%?
(a) $ 778.89 (b) $ 794.53 (c) $ 796.34 (d) $ 791.88 (e) $1,000.00
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