1. Bonds issued by Vandelay Industries have a par value of $1,000. The bonds are currently selling for $885.50. They have 10 years remaining to maturity. The coupon rate is 10% and the coupon payment is paid semiannually. What is the bonds' yield to maturity?

	a.	6%
	b.	12%
	c.	5%
	d.	8%
	e.	10%

2.Merton Enterprise has bonds with face value of $1,000 on the market making annual payments, with 10 years to maturity, and selling for $1,146.80. At this price, the bonds yield 6%. What must the coupon rate be on Merton Enterprise's bonds?

	a.	8%
	b.	80
	c.	10%
	d.	60
	e.	6%

3.A Microgates Industries bond has a 10% coupon rate and a $1,000 face value. Interest is paid semiannually, and the bond has 20 years to maturity. If investors require a 12% yield, what is the bond's value?

	a.	$1,062.4
	b.	$849.3
	c.	$890.5
	d.	$948.7
	e.	$1,000