1. Assume a par value of $1,000. Caspian Sea plans to issue a 9.00 year, semi-annual pay bond that has a coupon rate of 6.00%. If the yield to maturity for the bond is 6.0%, what will the price of the bond be?

2. Caspian Sea Drinks needs to raise $47.00 million by issuing bonds. It plans to issue a 19.00 year semi-annual pay bond that has a coupon rate of 5.12%. The yield to maturity on the bond is expected to be 4.75%. How many bonds must Caspian Sea issue? (Note: Your answer may not be a whole number. In reality, a company would not issue part of a bond.)