15. What is the value of a 20-year, noncallable bond with an annual coupon rate of 9.5%, but making semiannual interest payments? The bond has a face value of $1,000, and you require an annual 8.4% discount rate for this investment.

$1,105.69 $1,133.34 $1,161.67 $1,190.71 $1,220.48

16. Calculate the required rate of return for Nashua Inc., assuming that (1) the risk-free rate is 7% , (2) the expected return on the market portfolio is 12%, (3) the firm has a beta of 1.20, and (4) its realized rate of return has averaged 15.0% over the last 5 years.

10.29% 10.83% 11.40% 12.00% 13.00%