15. A bond with a face value of $1,000 with semi-annual payments, a coupon rate of 6%, and has 8 years to maturity. The market requires a yield of 5% on bonds of this risk. What is this bonds price?

16. Bonds issued by Travelers Inc. with a par value of $1,000 and 7 years to maturity are selling at $1121.06. The coupon rate on these bonds is 6% and interest is paid semi-annually. What is the YTM of the bonds on an annual basis? (7 points)

a.	7.0%
b.	6.0%
c.	5.0%
d.	4.0%
e.	3.0%