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1. What is the market value of a bond that has a $1,000 par value, bond matures in 15 years, 7% annual coupon payment that
1. What is the market value of a bond that has a $1,000 par value, bond matures in 15 years, 7% annual coupon payment that is paid quarterly, and the market rate is 8.5%? Please enter your answer as a positive number with no dollars signs and round to two decimal places.
2. What is the yield on the same bond in question 1 if the price of the bond is $765? Please enter your answer in decimal form out to two places.
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