1. A Japanese government bond with a $1,000 face value has a 1.64% annual coupon rate. The bond matures in 8 years. The current YTM on the bond is -0.7% (negative!). What is this bond worth? Round to the nearest cent.

2. A quarterly coupon bond has a face value of $1,000 and a coupon rate of 4.1%. Time to maturity is 19 years and the current yield to maturity is 3.1%. How much is this bond worth? Round to the nearest cent.

3. A Tesla coupon bond with a face value of $1,000 has a coupon rate of 6% with annual coupons and it will mature in 5 years. If it is currently trading at $844.2, what is its yield-to-maturity? Round to the tenth of a percent (e.g., 4.32% = 4.3) [Hint: Use Excel's "rate" function as explained in the text. Make sure you set the cell to show decimal places.]

4. An Apple annual coupon bond has a coupon rate of 5.3%, face value of $1,000, and 4 years to maturity. If its yield to maturity is 5.3%, what is its Macaulay Duration? Answer in years, rounded to three decimal places.