1. An investment requires an initial payment of 10,000 and annual payments of 1,000 at the end of each of the first 10 years. Starting at the end of the eleventh year, the investment returns five equal annual payments of X. Determine X to yield an annual effective rate of 10 % over the 15-year period.
2. A Japanese company has a bond outstanding that sells for 89.5 par percent of its ¥1,000 par value. The bond has a coupon rate of 12 percent paid par annually and matures in 18 years, the YTM is .................. percent