1. British consol bonds were issued in 1927 to refinance Britain's debt from the First World War. They were attractive investments to the working class because they paid 4% interest...forever! All those bonds have been purchased back by the government. However, imagine that today the U.K. were to issue new consol bonds that paid 50 per annum. What would such a bond be worth (in pounds), if long-term interest rates were estimated at 6%? a