18. From 1965 to 2020, the US S&P 500 stock portfolio has gained a compounded stock return of 10.2% per year (Data Source: https://berkshirehathaway.com/letters/2020ltr.pdf). Meanwhile, during all those years, Vir Cotto has been investing $500 per year into the US S&P 500 stock portfolio. How much would be Vir's investment value by the end of 2020? a. below $10,000,000. b. between $10,000,000 and $30,000,000. c. between $30,000,000 and $50,000,000. d. between $50,000,000 and $70,000,000. e. more than $70,000,000. 19. Vorion, Inc. has a 15-year bond issued 7 years ago with a coupon rate of 6.75%. The bonds make annual coupon payments. If these bonds currently sell for 95.5% of par value (its par value is $1,000), what is the yield-to-maturity YTM? a. 7.25% b. 7.45%. c. 7.52% d. 7.82% e. 8.02%. 20. Shadow, Inc. issued a 30-year bond 6 years ago with a coupon rate of 6.25% and a face (par) value of $1,000. The bonds make semi-annual coupon payments. If today's YTM on these bonds is 4.50%, what should be the current bond price in dollar amount? a. $1,253.67. b. $1,255.23. c. $1,285.06. d. $1,286.55. e. $1,316.55