1. A 12-year bond pays semi-annual coupons at c_2 = 9.7%, has a yield rate of y_2 = 7.6%, and is redeemable for $ W. If the book value immediately after the 7th coupon payment is $1182.99, and the book value immediately after the 11th coupon payment is $1151.55, what is the bond's face value?
2. Explain why “ United States taxes rates are progressive”
3. Comparing historical risk for t-bills, common stock, art, corporate bonds and common stock.