1. What's the present value of a $610 annuity payment over six years if interest rates are 10 percent? (Do not round intermediate calculations and round your final answer to 2 decimal places.)
2. A bond matures in 25 years, but is callable in 12 years at 123. The call premium decreases by 2 percent of par per year. If the bond is called in 17 years, what percent of face value will you receive? (Omit the "%" sign in your response.)
3. Soprano’s Spaghetti Factory issued 22-year bonds two years ago at a coupon rate of 7.20 percent. If these bonds currently sell for 89.15 percent of par value, what is the YTM? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places. Omit the "%" sign in your response.)