1. Annuity present values: what is the value today of a 15 year annuity that pays 825 a year? the annuity's first payment occurs six years from today. The annual interest rate is 9 percent for years 1 through 5, and 12 percent thereafter.
2. What is the price of a bond that has a yield to maturity of 4.45%, pays interest in the amount of 19.75 every six months and matures in 13 years?
3. What is the price of a bond that pays semiannual coupon payments, each in the amount of $22.50 if the yield to maturity is 5.75% and the maturity is 8 years away.